Its not about translating the contents of a reference selector. Its about having your data in your app translated.
So big question is; must ALL data be translated in the app. or only a specific set of entities, which are actually dynamic enumeration lists?
in first case; good luck, if you have a solution, please let me know ;-)
In the second case; on what is this translation depending?
When you have this clear you could solve as follows;
This domain model
This datasource microflow for the calculated attribute Value of entity ValueYouWantToSelect
And of course you need pages for a user, where the ValueYouWantToSelect and TranslationOptions can be maintained