It is better to call reference in the code using CREATEOBJECT than setting the reference. It allows you to check if the library you call exists. If you manually setup reference, you can use REFERENCES collection.
Set myRecSet = CreateObject("ADODB.Recordset")
is the same as
setting reference for ADODB and Dim myRecSet as NEW ADODB.Recordset
if you look at VBScript, it has no references option, you call all objects (libraries) using CREATEOBJECT