diff --git a/dbt/exceptions.py b/dbt/exceptions.py
index d38af8605ac..56c65928b91 100644
--- a/dbt/exceptions.py
+++ b/dbt/exceptions.py
@@ -1,4 +1,5 @@
 from dbt.compat import basestring
+from dbt.logger import GLOBAL_LOGGER as logger
 
 
 class Exception(BaseException):
@@ -146,18 +147,22 @@ def ref_bad_context(model, target_model_name, target_model_package):
     raise_compiler_error(error_msg, model)
 
 
-def ref_target_not_found(model, target_model_name, target_model_package):
+def get_target_not_found_msg(model, target_model_name, target_model_package):
     target_package_string = ''
 
     if target_model_package is not None:
         target_package_string = "in package '{}' ".format(target_model_package)
 
-    raise_compiler_error(
-        "Model '{}' depends on model '{}' {}which was not found."
-        .format(model.get('unique_id'),
-                target_model_name,
-                target_package_string),
-        model)
+    return ("Model '{}' depends on model '{}' {}which was not found or is"
+            " disabled".format(model.get('unique_id'),
+                               target_model_name,
+                               target_package_string))
+
+
+def ref_target_not_found(model, target_model_name, target_model_package):
+    msg = get_target_not_found_msg(model, target_model_name,
+                                   target_model_package)
+    raise_compiler_error(msg, model)
 
 
 def ref_disabled_dependency(model, target_model):
diff --git a/dbt/parser.py b/dbt/parser.py
index b3c602650df..128d296fb8a 100644
--- a/dbt/parser.py
+++ b/dbt/parser.py
@@ -92,17 +92,13 @@ def process_refs(flat_graph, current_project):
                 node.get('package_name'))
 
             if target_model is None:
-                dbt.exceptions.ref_target_not_found(
-                    node,
-                    target_model_name,
-                    target_model_package)
-
-            if (dbt.utils.is_enabled(node) and not
-                    dbt.utils.is_enabled(target_model)):
-                if dbt.utils.is_type(node, NodeType.Model):
-                    dbt.exceptions.ref_disabled_dependency(node, target_model)
-                else:
-                    node.get('config', {})['enabled'] = False
+                # This may raise. Even if it doesn't, we don't want to add
+                # this node to the graph b/c there is no destination node
+                node.get('config', {})['enabled'] = False
+                dbt.utils.invalid_ref_fail_unless_test(node,
+                                                       target_model_name,
+                                                       target_model_package)
+                continue
 
             target_model_id = target_model.get('unique_id')
 
diff --git a/dbt/utils.py b/dbt/utils.py
index 16fb1e585a8..44863d3ac74 100644
--- a/dbt/utils.py
+++ b/dbt/utils.py
@@ -359,3 +359,18 @@ def get_hashed_contents(model):
 
 def flatten_nodes(dep_list):
     return list(itertools.chain.from_iterable(dep_list))
+
+
+def invalid_ref_fail_unless_test(node, target_model_name,
+                                 target_model_package):
+    if node.get('resource_type') == NodeType.Test:
+        warning = dbt.exceptions.get_target_not_found_msg(
+                    node,
+                    target_model_name,
+                    target_model_package)
+        logger.debug("WARNING: {}".format(warning))
+    else:
+        dbt.exceptions.ref_target_not_found(
+            node,
+            target_model_name,
+            target_model_package)
diff --git a/test/integration/001_simple_copy_test/models/schema.yml b/test/integration/001_simple_copy_test/models/schema.yml
new file mode 100644
index 00000000000..f8eb708f45f
--- /dev/null
+++ b/test/integration/001_simple_copy_test/models/schema.yml
@@ -0,0 +1,8 @@
+
+
+# Confirm that this does not throw an exception for
+# a missing ref to the disabled model
+disabled:
+    constraints:
+        unique:
+            - id