diff --git a/core/dbt/clients/jinja_static.py b/core/dbt/clients/jinja_static.py
index 16ebd2044fc..a57c96642a1 100644
--- a/core/dbt/clients/jinja_static.py
+++ b/core/dbt/clients/jinja_static.py
@@ -173,12 +173,10 @@ def statically_parse_ref(input: str) -> RefArgs:
     try:
         statically_parsed = py_extract_from_source(f"{{{{ {input} }}}}")
     except ExtractionError:
-        # TODO: more precise error
-        raise ParsingError(f"Invalid jinja expression: {input}.")
+        raise ParsingError(f"Invalid jinja expression: {input}")
 
-    if not statically_parsed["refs"]:
-        # TODO: more precise error class
-        raise ParsingError("not a ref")
+    if not statically_parsed.get("refs"):
+        raise ParsingError(f"Invalid ref expression: {input}")
 
     ref = list(statically_parsed["refs"])[0]
     return RefArgs(package=ref.get("package"), name=ref.get("name"), version=ref.get("version"))
@@ -198,12 +196,10 @@ def statically_parse_source(input: str) -> Tuple[str, str]:
     try:
         statically_parsed = py_extract_from_source(f"{{{{ {input} }}}}")
     except ExtractionError:
-        # TODO: more precise error
-        raise ParsingError(f"Invalid jinja expression: {input}.")
+        raise ParsingError(f"Invalid jinja expression: {input}")
 
-    if not statically_parsed["sources"]:
-        # TODO: more precise error class
-        raise ParsingError("not a ref")
+    if not statically_parsed.get("sources"):
+        raise ParsingError(f"Invalid source expression: {input}")
 
     source = list(statically_parsed["sources"])[0]
     source_name, source_table_name = source
diff --git a/core/dbt/compilation.py b/core/dbt/compilation.py
index d662d9c8e49..5c20f7fd641 100644
--- a/core/dbt/compilation.py
+++ b/core/dbt/compilation.py
@@ -29,7 +29,9 @@
 from dbt.exceptions import (
     DbtInternalError,
     DbtRuntimeError,
+    ForeignKeyConstraintToSyntaxError,
     GraphDependencyNotFoundError,
+    ParsingError,
 )
 from dbt.flags import get_flags
 from dbt.graph import Graph
@@ -465,7 +467,11 @@ def _compile_code(
     def _compile_relation_for_foreign_key_constraint_to(
         self, manifest: Manifest, node: ManifestSQLNode, to_expression: str
     ) -> str:
-        foreign_key_node = manifest.find_node_from_ref_or_source(to_expression)
+        try:
+            foreign_key_node = manifest.find_node_from_ref_or_source(to_expression)
+        except ParsingError:
+            raise ForeignKeyConstraintToSyntaxError(node, to_expression)
+
         if not foreign_key_node:
             raise GraphDependencyNotFoundError(node, to_expression)
         adapter = get_adapter(self.config)
diff --git a/core/dbt/contracts/graph/manifest.py b/core/dbt/contracts/graph/manifest.py
index b6d445ce05d..587c14a8046 100644
--- a/core/dbt/contracts/graph/manifest.py
+++ b/core/dbt/contracts/graph/manifest.py
@@ -70,6 +70,7 @@
     AmbiguousResourceNameRefError,
     CompilationError,
     DuplicateResourceNameError,
+    ParsingError,
 )
 from dbt.flags import get_flags
 from dbt.mp_context import get_mp_context
@@ -1643,17 +1644,15 @@ def find_node_from_ref_or_source(
         valid_source = True
         try:
             ref = statically_parse_ref(expression)
-        # TODO: better error handling
-        except Exception:
+        except ParsingError:
             valid_ref = False
             try:
                 source_name, source_table_name = statically_parse_source(expression)
-            # TODO: better error handling
-            except Exception:
+            except ParsingError:
                 valid_source = False
 
         if not valid_ref and not valid_ref:
-            raise CompilationError(f"Invalid ref or source expression: {expression}")
+            raise ParsingError(f"Invalid ref or source syntax: {expression}.")
 
         if valid_ref:
             node = self.ref_lookup.find(ref.name, ref.package, ref.version, self)
diff --git a/core/dbt/exceptions.py b/core/dbt/exceptions.py
index aec2b5e3826..27aa863fd17 100644
--- a/core/dbt/exceptions.py
+++ b/core/dbt/exceptions.py
@@ -136,6 +136,18 @@ def get_message(self) -> str:
         return msg
 
 
+class ForeignKeyConstraintToSyntaxError(CompilationError):
+    def __init__(self, node, expression: str) -> None:
+        self.expression = expression
+        self.node = node
+        super().__init__(msg=self.get_message())
+
+    def get_message(self) -> str:
+        msg = f"'{self.node.unique_id}' defines a foreign key constraint 'to' expression which is not valid 'ref' or 'source' syntax: {self.expression}."
+
+        return msg
+
+
 # client level exceptions