# http://stackoverflow.com/a/10472358/2607840
Function Get-ProjectReferences ($rootFolder)
{
    $projectFiles = Get-ChildItem $rootFolder -Filter *.csproj -Recurse
    $ns = @{ defaultNamespace = "http://schemas.microsoft.com/developer/msbuild/2003" }

    $projectFiles | ForEach-Object {
        $projectFile = $_ | Select-Object -ExpandProperty FullName
        $projectName = $_ | Select-Object -ExpandProperty BaseName
        $projectXml = [xml](Get-Content $projectFile)

        $projectReferences = $projectXml | Select-Xml '//defaultNamespace:ProjectReference/defaultNamespace:Name' -Namespace $ns | Select-Object -ExpandProperty Node | Select-Object -ExpandProperty "#text"

        $projectReferences | ForEach-Object {
            "[" + $projectName + "] -> [" + $_ + "]"
        }
    }
}

Get-ProjectReferences $pwd | Out-File references.txt

# http://stackoverflow.com/a/10472358/2607840
Function Get-ProjectReferences ($rootFolder)
{
    $projectFiles = Get-ChildItem $rootFolder\* -Include *.csproj, *.vbproj -Recurse
    $ns = @{ defaultNamespace = "http://schemas.microsoft.com/developer/msbuild/2003" }

    $projectFiles | ForEach-Object {
        $projectFile = $_ | Select-Object -ExpandProperty FullName
        $projectName = $_ | Select-Object -ExpandProperty BaseName
        $projectXml = [xml](Get-Content $projectFile)

        $projectReferences = $projectXml | Select-Xml '//defaultNamespace:ProjectReference/defaultNamespace:Name' -Namespace $ns | Select-Object -ExpandProperty Node | Select-Object -ExpandProperty "#text"

        $projectReferences | ForEach-Object {
            "[" + $projectName + "] -> [" + $_ + "]"
        }
    }
}

Get-ProjectReferences $pwd | Out-File references.txt

Add include VB project files
Add include VB project files

If not desired, feel free to ignore this proposal. Used info found in this StackOverflow answer to include multiple filetypes: http://stackoverflow.com/a/18626464/945456