This module provides an advanced Entity Reference widget that uses a view embedded in a modal dialog for selecting items.
The view can be paginated and have exposed filters.
1) Add the display "Entityreference View Widget" to your view.
2) In the Field UI for the Entity Reference field select "View" as the widget
and on the next page select your View from the dropdown.
Don't hesitate to watch this great screencast from Code Karate.
The module has a way of hiding selected items from the View.
Simply add a base field contextual argument (Product ID for products, Node ID for nodes, etc)
and in the "More" fieldset enable "Allow multiple values" and "Exclude".
Then edit the Entity Reference field, and in the widget settings enable "Pass selected entity ids to View ".
Note : As of 2.0-beta5, the module supports Commerce Reference fields, (Product reference, Line Item reference and Customer Profile reference).