Displaying Contacts of Account in an Account's Child Object

Hi all,

I have created a new custom object under Account. I want to create a field where the choice are only the contacts of that specific account. Is it possible to add a custom field in the newly created object to display contacts of a specific account only? If not, how can I display all of the contacts on that new child object?

I would appreciate any solutions, workarounds, or suggestions you might have. Thank you in advance for your help!