Systems and methods of providing a magnetically coupled ground reference probe for use with test equipment, such as digital multimeters (DMMs). The magnetically coupled ground reference probes disclosed herein may be used instead of a typical test probe or alligator clip. A magnetically coupled ground reference probe may be provided which includes an insulative housing surrounding a conductive magnet such as a permanent magnet or an electromagnet. The magnet may autonomously retract into a cavity of the insulative housing when not coupled to a ground reference so that the magnet does not contact a high potential source when being handled by the operator. In at least some implementations, at least a portion of the insulation material of the housing may be compressible to allow the magnet to come into physical contact with a ground reference surface while providing a sufficient creepage and clearance path.