Strait forward ?
A reference node contain a reference to a labVIEW object (control or indicator). You can modify a number of properties of the object, using a property node. The property node can be ascribed to an object either at creation time (rightclick on the control/indicator, then "create...") or later (rightclick on the property node, then "Link to)". Alternativelly, it can be wired to a reference node...
Why use ref nodes, since a property node can be linked directly to an object? You can pass the reference to a sub-vi where all the work on the properties will be done, leaving a clean diagram in the calling vi...
See the example below.
More ?
Chilly Charly (aka CC)