diff --git a/exe/DsmTool.exe b/exe/DsmTool.exe
index 8e1269c..7ee09e9 100644
Binary files a/exe/DsmTool.exe and b/exe/DsmTool.exe differ
diff --git a/src/DsmTool/DsmEngine.cs b/src/DsmTool/DsmEngine.cs
index 4659823..72453d3 100644
--- a/src/DsmTool/DsmEngine.cs
+++ b/src/DsmTool/DsmEngine.cs
@@ -259,12 +259,15 @@ public static class DsmEngine
                 foreach (Match m in reRefBlock.Matches(txt))
                 {
                     var inc = m.Groups[1].Value.Split(',')[0].Trim();
-                    bool internalMatch = byExact.ContainsKey(inc) || (byNorm.TryGetValue(Norm(inc), out var nm2) && nm2.Count == 1);
-                    if (internalMatch) continue;
+                    // 내부 프로젝트명과 일치(버전 모호 포함)하면 외부 DLL 로 보지 않음
+                    if (byExact.ContainsKey(inc) || byNorm.ContainsKey(Norm(inc))) continue;
                     var hint = reHint.Match(m.Groups[2].Value);
                     if (!hint.Success) continue;
                     string hp; try { hp = Path.GetFullPath(Path.Combine(dir, hint.Groups[1].Value.Replace('\\', '/'))); } catch { continue; }
-                    if (Excluded(hp) || !hp.EndsWith(".dll", StringComparison.OrdinalIgnoreCase)) continue;
+                    // 실제 존재 + 저장소(scanBase) 내부의 DLL 만 노드화
+                    //  → 매크로 경로($(OdaBinDir) 등)·프레임워크/GAC DLL 은 제외
+                    if (!hp.EndsWith(".dll", StringComparison.OrdinalIgnoreCase)) continue;
+                    if (Excluded(hp) || !File.Exists(hp) || !hp.StartsWith(scanBase, StringComparison.OrdinalIgnoreCase)) continue;
                     var en = RegisterExtDll(inc);
                     if (en != src) edges[src].Add(en);
                 }