Despite recent advances in unified multimodal models for multi-reference image generation, existing benchmarks remain organized around predefined task types (e.g., "subject composition"), which are ill-suited to this combinatorial setting and lead to fragmented coverage, uncontrolled complexity, and little diagnostic value. Recognizing that diverse multi-reference tasks share a common set of atomic operations, we adopt a capability-oriented perspective and formalize four operators: Anchor (f), Disentangle (g), Apply (oplus), and Compose (C). Any multi-reference prompt can then be represented as a compositional formula over these operators, whose structural complexity is quantified by the number of operator slots. Building on this formulation, we construct TRACE-Bench, comprising approximately 1,600 evaluation cases across slot counts 1--8, built from 631 formula templates and around 4,000 reference images spanning diverse artistic styles and real-world subjects. The formula structure directly drives an operator-aligned evaluation protocol for per-capability scoring and a diagnostic tree analysis for recursive failure localization. Evaluating 9 leading models reveals insights invisible to holistic scoring: the primary bottleneck lies in disentanglement (g) and attribute binding (oplus) rather than scene-level composition (C), with even the best model scoring only 0.74 on attribute fidelity. Project page: https://amuseum-whr.github.io/TraceBench