diff --git a/lib/rules/no-ref-as-operand.js b/lib/rules/no-ref-as-operand.js
index db92f19e4..b1a9e12a8 100644
--- a/lib/rules/no-ref-as-operand.js
+++ b/lib/rules/no-ref-as-operand.js
@@ -233,7 +233,7 @@ module.exports = {
         },
         // `${refValue}`
         /** @param {Identifier} node */
-        'TemplateLiteral>Identifier'(node) {
+        ':not(TaggedTemplateExpression)>TemplateLiteral>Identifier'(node) {
           reportIfRefWrapped(node)
         },
         // refValue.x
diff --git a/tests/lib/rules/no-ref-as-operand.js b/tests/lib/rules/no-ref-as-operand.js
index 04234eff7..9db2ab3a0 100644
--- a/tests/lib/rules/no-ref-as-operand.js
+++ b/tests/lib/rules/no-ref-as-operand.js
@@ -168,6 +168,22 @@ tester.run('no-ref-as-operand', rule, {
       }
       </script>
     `,
+    `
+      <script>
+      import { ref } from 'vue'
+      const foo = ref(0)
+      func(foo)
+      function func(foo) {}
+      </script>
+    `,
+    `
+      <script>
+      import { ref } from 'vue'
+      const foo = ref(0)
+      tag\`\${foo}\`
+      function tag(arr, ...args) {}
+      </script>
+    `,
     `
     <script setup>
     const model = defineModel();
@@ -196,7 +212,7 @@ tester.run('no-ref-as-operand', rule, {
     <script setup>
     const emit = defineEmits(['test'])
     const [model, mod] = defineModel();
-    
+
     function update() {
       emit('test', model.value)
     }