What is a "reference" system?

My system is my only system so it must be my reference system. It certainly sounds good but is it better than others? Tough to say. ;)

I have one very modest system. To me a reference system is someone else's setup. If it were mine, I imagine I would have to have several homes, audio rooms, 3 or 4 decent setups to call one reference, one that is the most balanced, neutral, not necessarily the most enjoyable but the one that would appeal to the largest audience. 

The obstacle though is, even if I have unlimited funds, I would make my one system the best. I don't know why I would have a 2nd system in my home?

@viridian  Just jargon used on forums. If we want to be technical it is a system that is targeting a standard. What standard that is that people on forums refer too, I have no idea

I have had my HRTF stuff modeled so I know my idea of neutral is a -0.75dB/Oct tilt from 20Hz to 20kHz. so, using room treatment, speakers that have the best baseline balance and using DSP to add finishing tweaks has helped me achieve this tilt in my 2.2 setup 

Reference also refers to how effortless a system can get to 80dBSPL sustained over a passage of a song and how it can handle dynamic transients which means distortion and compression rejection should be a good thing for that system to have.

Outside of the technical delta which defined the tolerance amongst humans for what is perceived neutral, anything that is said to be reference is just what someone personally finds appealing.

That’s my 2 cents though

Good question.

Unfortunately, it is used in more than one way. The most common is a highly resolving high end system.

I used to have a system that I was forced to call my reference system because it was so revealing. The venue and mastering was so obvious instantly on hearing a cut. I felt obligated to call it my reference system. I had it for a long time and used it as a reference for components and my other systems. Interestingly, I now have a much better system, and I do not call it my reference system. It simply sounds like music. The venue and mastering are not unnaturally highlighted as they were in my reference system.  

Technically, any system can be a reference system if it is your semipermanent system you use to make judgements on new (to you) components or against other systems. This is a really useful way to think about your system.

Professional reviewers have their own system, which they know really well, and which they will swap components in order to assess them. This is their reference system... inexpensive or expensive. 

Reference is critical in assessing something for which there is not absolute reference. Since you can’t bring in a symphony to your listening location and compare it with your system... a reference is a very useful.  

My reference is live music, not a system.