diff --git a/lib/rules/no-ref-as-operand.js b/lib/rules/no-ref-as-operand.js
index 067be4ec3..9661b2b60 100644
--- a/lib/rules/no-ref-as-operand.js
+++ b/lib/rules/no-ref-as-operand.js
@@ -9,8 +9,21 @@ const utils = require('../utils')
 
 /**
  * @typedef {import('../utils/ref-object-references').RefObjectReferences} RefObjectReferences
+ * @typedef {import('../utils/ref-object-references').RefObjectReferenceForIdentifier} RefObjectReferenceForIdentifier
  */
 
+/**
+ * Checks whether the given identifier reference has been initialized with a ref object.
+ * @param {RefObjectReferenceForIdentifier | null} data
+ * @returns {data is RefObjectReferenceForIdentifier}
+ */
+function isRefInit(data) {
+  const init = data && data.variableDeclarator && data.variableDeclarator.init
+  if (!init) {
+    return false
+  }
+  return data.defineChain.includes(/** @type {any} */ (init))
+}
 module.exports = {
   meta: {
     type: 'suggestion',
@@ -37,7 +50,7 @@ module.exports = {
      */
     function reportIfRefWrapped(node) {
       const data = refReferences.get(node)
-      if (!data) {
+      if (!isRefInit(data)) {
         return
       }
       context.report({
diff --git a/lib/utils/ref-object-references.js b/lib/utils/ref-object-references.js
index 1b3781bbb..0dd9abcd4 100644
--- a/lib/utils/ref-object-references.js
+++ b/lib/utils/ref-object-references.js
@@ -20,19 +20,23 @@ const { ReferenceTracker } = eslintUtils
  * @property {MemberExpression | CallExpression} node
  * @property {string} method
  * @property {CallExpression} define
+ * @property {(CallExpression | Identifier | MemberExpression)[]} defineChain Holds the initialization path for assignment of ref objects.
  *
  * @typedef {object} RefObjectReferenceForPattern
  * @property {'pattern'} type
  * @property {ObjectPattern} node
  * @property {string} method
  * @property {CallExpression} define
+ * @property {(CallExpression | Identifier | MemberExpression)[]} defineChain Holds the initialization path for assignment of ref objects.
  *
  * @typedef {object} RefObjectReferenceForIdentifier
  * @property {'expression' | 'pattern'} type
  * @property {Identifier} node
+ * @property {VariableDeclarator | null} variableDeclarator
  * @property {VariableDeclaration | null} variableDeclaration
  * @property {string} method
  * @property {CallExpression} define
+ * @property {(CallExpression | Identifier | MemberExpression)[]} defineChain Holds the initialization path for assignment of ref objects.
  *
  * @typedef {RefObjectReferenceForIdentifier | RefObjectReferenceForExpression | RefObjectReferenceForPattern} RefObjectReference
  */
@@ -258,6 +262,13 @@ module.exports = {
   extractReactiveVariableReferences
 }
 
+/**
+ * @typedef {object} RefObjectReferenceContext
+ * @property {string} method
+ * @property {CallExpression} define
+ * @property {(CallExpression | Identifier | MemberExpression)[]} defineChain Holds the initialization path for assignment of ref objects.
+ */
+
 /**
  * @implements {RefObjectReferences}
  */
@@ -312,12 +323,19 @@ class RefObjectReferenceExtractor {
           type: 'expression',
           node,
           method,
-          define: node
+          define: node,
+          defineChain: [node]
         })
       }
       return
     }
 
+    const ctx = {
+      method,
+      define: node,
+      defineChain: [node]
+    }
+
     if (method === 'toRefs') {
       const propertyReferenceExtractor = definePropertyReferenceExtractor(
         this.context
@@ -327,63 +345,65 @@ class RefObjectReferenceExtractor {
       for (const name of propertyReferences.allProperties().keys()) {
         for (const nest of propertyReferences.getNestNodes(name)) {
           if (nest.type === 'expression') {
-            this.processMemberExpression(nest.node, method, node)
+            this.processMemberExpression(nest.node, ctx)
           } else if (nest.type === 'pattern') {
-            this.processPattern(nest.node, method, node)
+            this.processPattern(nest.node, ctx)
           }
         }
       }
     } else {
-      this.processPattern(pattern, method, node)
+      this.processPattern(pattern, ctx)
     }
   }
 
   /**
-   * @param {Expression} node
-   * @param {string} method
-   * @param {CallExpression} define
+   * @param {MemberExpression | Identifier} node
+   * @param {RefObjectReferenceContext} ctx
    */
-  processExpression(node, method, define) {
+  processExpression(node, ctx) {
     const parent = node.parent
     if (parent.type === 'AssignmentExpression') {
       if (parent.operator === '=' && parent.right === node) {
         // `(foo = obj.mem)`
-        this.processPattern(parent.left, method, define)
+        this.processPattern(parent.left, {
+          ...ctx,
+          defineChain: [node, ...ctx.defineChain]
+        })
         return true
       }
     } else if (parent.type === 'VariableDeclarator' && parent.init === node) {
       // `const foo = obj.mem`
-      this.processPattern(parent.id, method, define)
+      this.processPattern(parent.id, {
+        ...ctx,
+        defineChain: [node, ...ctx.defineChain]
+      })
       return true
     }
     return false
   }
   /**
    * @param {MemberExpression} node
-   * @param {string} method
-   * @param {CallExpression} define
+   * @param {RefObjectReferenceContext} ctx
    */
-  processMemberExpression(node, method, define) {
-    if (this.processExpression(node, method, define)) {
+  processMemberExpression(node, ctx) {
+    if (this.processExpression(node, ctx)) {
       return
     }
     this.references.set(node, {
       type: 'expression',
       node,
-      method,
-      define
+      ...ctx
     })
   }
 
   /**
    * @param {Pattern} node
-   * @param {string} method
-   * @param {CallExpression} define
+   * @param {RefObjectReferenceContext} ctx
    */
-  processPattern(node, method, define) {
+  processPattern(node, ctx) {
     switch (node.type) {
       case 'Identifier': {
-        this.processIdentifierPattern(node, method, define)
+        this.processIdentifierPattern(node, ctx)
         break
       }
       case 'ArrayPattern':
@@ -395,13 +415,12 @@ class RefObjectReferenceExtractor {
         this.references.set(node, {
           type: 'pattern',
           node,
-          method,
-          define
+          ...ctx
         })
         return
       }
       case 'AssignmentPattern': {
-        this.processPattern(node.left, method, define)
+        this.processPattern(node.left, ctx)
         return
       }
       // No default
@@ -410,10 +429,9 @@ class RefObjectReferenceExtractor {
 
   /**
    * @param {Identifier} node
-   * @param {string} method
-   * @param {CallExpression} define
+   * @param {RefObjectReferenceContext} ctx
    */
-  processIdentifierPattern(node, method, define) {
+  processIdentifierPattern(node, ctx) {
     if (this._processedIds.has(node)) {
       return
     }
@@ -434,16 +452,16 @@ class RefObjectReferenceExtractor {
       }
       if (
         reference.isRead() &&
-        this.processExpression(reference.identifier, method, define)
+        this.processExpression(reference.identifier, ctx)
       ) {
         continue
       }
       this.references.set(reference.identifier, {
         type: reference.isWrite() ? 'pattern' : 'expression',
         node: reference.identifier,
-        method,
-        define,
-        variableDeclaration: def ? def.parent : null
+        variableDeclarator: def ? def.node : null,
+        variableDeclaration: def ? def.parent : null,
+        ...ctx
       })
     }
   }
diff --git a/tests/lib/rules/no-ref-as-operand.js b/tests/lib/rules/no-ref-as-operand.js
index fb564ce17..1cdbb1041 100644
--- a/tests/lib/rules/no-ref-as-operand.js
+++ b/tests/lib/rules/no-ref-as-operand.js
@@ -148,6 +148,30 @@ tester.run('no-ref-as-operand', rule, {
         const isComp = foo.effect
       </script>
       `
+    },
+    {
+      code: `
+      <script>
+      import { ref } from 'vue'
+      let foo;
+
+      if (!foo) {
+        foo = ref(5);
+      }
+      </script>
+      `
+    },
+    {
+      code: `
+      <script>
+      import { ref } from 'vue'
+      let foo = undefined;
+
+      if (!foo) {
+        foo = ref(5);
+      }
+      </script>
+      `
     }
   ],
   invalid: [
@@ -669,6 +693,40 @@ tester.run('no-ref-as-operand', rule, {
           messageId: 'requireDotValue'
         }
       ]
+    },
+    {
+      code: `
+      <script>
+      import { ref } from 'vue'
+      let foo = undefined;
+
+      if (!foo) {
+        foo = ref(5);
+      }
+      let bar = foo;
+      bar = 4;
+      </script>
+      `,
+      output: `
+      <script>
+      import { ref } from 'vue'
+      let foo = undefined;
+
+      if (!foo) {
+        foo = ref(5);
+      }
+      let bar = foo;
+      bar.value = 4;
+      </script>
+      `,
+      errors: [
+        {
+          message:
+            'Must use `.value` to read or write the value wrapped by `ref()`.',
+          line: 10,
+          column: 7
+        }
+      ]
     }
   ]
 })