diff --git a/src/dotnet-svcutil/lib/src/Shared/Options/UpdateOptions.cs b/src/dotnet-svcutil/lib/src/Shared/Options/UpdateOptions.cs
index b1c5781515d..fba627672f9 100644
--- a/src/dotnet-svcutil/lib/src/Shared/Options/UpdateOptions.cs
+++ b/src/dotnet-svcutil/lib/src/Shared/Options/UpdateOptions.cs
@@ -97,6 +97,17 @@ public void MakePathsRelativeTo(DirectoryInfo optionsFileDirectory)
                     this.Inputs[idx] = new Uri(relPath, UriKind.Relative);
                 }
             }
+
+            // Update references
+            for (int idx = 0; idx < this.References.Count; idx++)
+            {
+                var reference = this.References[idx];
+                if (reference.DependencyType == ProjectDependencyType.Project || reference.DependencyType == ProjectDependencyType.Binary)
+                {
+                    PathHelper.GetRelativePath(reference.FullPath, optionsFileDirectory, out relPath);
+                    this.References[idx].ReferenceIdentity = relPath;
+                }
+            }
         }
 
         public void ResolveFullPathsFrom(DirectoryInfo optionsFileDirectory)
@@ -116,6 +127,16 @@ public void ResolveFullPathsFrom(DirectoryInfo optionsFileDirectory)
                     this.Inputs[idx] = fileUri;
                 }
             }
+
+            // Update references full path
+            for (int idx = 0; idx < this.References.Count; idx++)
+            {
+                var reference = this.References[idx];
+                if (reference.DependencyType == ProjectDependencyType.Project || reference.DependencyType == ProjectDependencyType.Binary)
+                {
+                    this.References[idx].FullPath = Path.Combine(optionsFileDirectory.FullName, reference.ReferenceIdentity);
+                }
+            }
         }
     }
 }
diff --git a/src/dotnet-svcutil/lib/src/Shared/ProjectDependency.cs b/src/dotnet-svcutil/lib/src/Shared/ProjectDependency.cs
index e408ea2251c..886a4107ac8 100644
--- a/src/dotnet-svcutil/lib/src/Shared/ProjectDependency.cs
+++ b/src/dotnet-svcutil/lib/src/Shared/ProjectDependency.cs
@@ -43,7 +43,7 @@ internal class ProjectDependency : IComparable<ProjectDependency>
         /// <summary>
         /// Assembly full path.
         /// </summary>
-        public string FullPath { get; private set; }
+        public string FullPath { get; set; }
 
         /// <summary>
         /// Assembly name.
@@ -63,7 +63,7 @@ internal class ProjectDependency : IComparable<ProjectDependency>
         /// <summary>
         /// The package identity, used for describing the dependency passed to Svcutil.
         /// </summary>
-        public string ReferenceIdentity { get; private set; }
+        public string ReferenceIdentity { get; set; }
 
         #region instance contruction methods
         // this ctr is private to ensure the integrity of the data which can be done only by the provided static instance creation (FromXXX) methods.
@@ -153,7 +153,7 @@ private ProjectDependency(string filePath = "", string packageName = "", string
 
             this.ReferenceIdentity = this.DependencyType == ProjectDependencyType.Package || this.DependencyType == ProjectDependencyType.Tool || !string.IsNullOrWhiteSpace(packageName) ?
                 string.Format(CultureInfo.InvariantCulture, "{0}, {{{1}, {2}}}", this.AssemblyName, this.Name, this.Version) :
-                string.Format(CultureInfo.InvariantCulture, "{0}, {1}", this.AssemblyName, this.Version);
+                FullPath;
 
             this.IsFramework = this.Name == NetCoreAppPackageID || this.Name == NetStandardLibraryPackageID;
         }