Controlling physical dependencies is an important part of any software architecture. When starting work on Tinytag Explorer I couldn't find any tools to analyse the physical dependency structures of Python programs, so I created the tools described here.
Below is a shrunken version of the dependency graph from several subsystems of the current development version of Tinytag Explorer; 4.3. The __main__ module is the small dark blue circle at the top. Other circles are other modules. The lines are arrows (although you cant see the arrow-heads in this shrunken version) that indicate that one module imports another. All arrows point down, unless there are cyclic imports.

We have obtained enormous value from studying automatically generated diagrams such as this. It often highlights:
This diagram was generated from a three-step process:
Python's modulefinder module does all the heavy lifting here. modulefinder use bytecode inspection to find dependencies, and therefore is free from any side-effects that may be caused by importing the modules being studied.
This py2depgraph.py script will write to stdout the dependency graph raw data for the script named in its first parameter.
In step 3 we will be passing our data into dot, part of graphviz In step 2 we need to convert the raw dependency data generated in step 1 into the correct format, and apply any presentation logic.
In simple cases you can use depgraph2dot.py as-is. It receives the raw data in standard input, and provides the generated dot file on standard output.
For the best presentation you will need a little programming. Create a subclass of the class defined in this module, override some methods that apply presentation logic, then call the main() method of one of those objects. The following aspects of the presentation can be customised:
You need the dot tool from graphviz. This can generate most image formats. It can also generate postscript ideal for printing. If printing to a black and white printer the --mono switch to depgraph2dot.py will be helpful.
Putting those three steps together gives something like:
$ python py2depgraph.py path/to/my/script.py | python depgraph2dot.py | dot -T png -o depgraph.png $