This has the same functionality as the existing File>Export>KeyCreator Part function, when the Replace Entities with a Part Reference and Store the relative path to the referenced part (if possible) options are selected on the Export New Part Options dialog.

The Convert to Reference function is a one-step alternative to the File>Export>KeyCreator Part function. Convert to Reference does not require opening the Options dialog and confirming that the correct options are selected.

See KeyCreator Part Export for related details.