The adoption of the Circular Economy (CE) paradigm can be hampered by the occurrence of the rebound effects (RE). The identification and prevention of the RE during the implementation of circular strategies is crucial to maximize the CE benefits. An initial framework has been recently proposed in literature, consisting of conceptual maps linking different dimensions where RE could occur in manufacturing. However, this initial framework lacks strong interconnections among the different conceptual maps. Moreover, its methodological rigour is still underdeveloped, as the identified factors aren’t formulated in a unified and consistent manner and the linkages need to be better detailed, further emphasizing the need to develop a unique and systemic framework able to clearly define where and how RE emerges. To address these gaps, employing the Design Research Methodology, this study aims to model and present, through a reference model, the existing situation regarding the potential occurrence of RE within circular manufacturing. The reference model developed identifies and connects factors from the five dimensions, providing a comprehensive framework. It can serve as an analytical tool for practitioners to visualize where RE might emerge and develop strategies, including political actions, to mitigate the potential RE within companies.