When opening project's Properties dialog, I see a list of reference projects under C/C++ General -> Paths and Symbols -> References. Immediately below that, there is an entry named Project References containing a similar list.
What is the difference between the lists?
The main difference the C++ Development Environment Guide states is this:
Unlike the Eclipse Common References page, this page allows setting references to specific configurations.
So you can e.g. tell Eclipse to create the Release build of a referenced project before building the project which references it.
Read more here: C/C++ Project Properties, Paths and Symbols, Project References