The next-generation space VLBI mission, VSOP-2, is expected to provide unprecedented spatial resolution at 8.4, 22, and 43 GHz. In this report, phase referencing with VSOP-2 is examined in detail based on a simulation tool called ARIS. The criterion for successful phase referencing was set to keep the phase errors below one radian. Simulations with ARIS reveal that phase referencing achieves good performance at 8.4 GHz, even under poor tropospheric conditions. At 22 and 43 GHz, it is recommended to conduct phase referencing observations under good or typical tropospheric conditions. The satellite is required to have an attitude-switching capability with a one-minute or shorter cycle, and an orbit determination accuracy higher than similar to 10 cm at apogee; the phase referencing calibrators are required to have a signal-to-noise ratio larger than four for a single scan. The probability to find a suitable phase referencing calibrator was estimated by using VLBI surveys. From the viewpoint of calibrator availability, VSOP-2 phase referencing at 8.4 GHz is promising. However, the chance of finding suitable calibrators at 22 and 43 GHz is significantly reduced; it is important to conduct specific investigations for each target at those frequencies.