When you use the 2nd verb, it goes after the word "in", like "in reference to". You use that when you wanna talk about the term you are trying to use as a point in the sentence. For example: "We are talking in reference to your financial problems". If we refer to the 1st verb, it's used as a more indirect focus of the word in the sentence: "That's what I refer to". I hope I was helpful.

I'm referring to what you said the other day. I think it is a good idea. In reference to what you said the other day, I think it is a good idea.