As others have pointed out, this is not really possible in Python, it doesn't have C++ style references. The closest you can get is if your dictionary value is mutable, then you can mutate it outside and it will be reflected inside the dictionary (because you're mutating the same object as the object stored in the dictionary). This is a simple demonstration:
>>> d = {'1': [1, 2, 3] }
>>> d
{'1': [1, 2, 3]}
>>> x = d['1']
>>> x.append(4)
>>> d
{'1': [1, 2, 3, 4]}
But in general, this is a bad pattern. Don't do this if you can avoid it, it makes it really hard to reason about what's inside the dictionary. If you wanna change something in there, pass the key around. That's what you want.