How to show filtered content as suggestion of "reference autocomplete field" based on a field value of reference content
Thanks @shawn-conn
His answer is perfect but I can't give vote because of minimum reputation. See following solution in details:  

Step 1:
First create one entity reference view
Note: In this view include referenced content type (e.g.: CONCEPT) and it's filter/condition field (e.g.: STATUS)

Step 2:
From MANAGE FIELDS of the required content type (e.g.: PROJECT), Add field that FIELD TYPE will be Entity Reference and WIDGET will be autocomplete then click on the SAVE button.  

Step 3:
Now choose Views: Filter by an entity reference view option in MODE field and choose your views that is created in Step 1 in View used to select the entities field from ENTITY SELECTION section of the field settings page.


Step 4:
Click on the Save settings button to save changes.