Use the following:
type file.txt | findstr /v ERROR | findstr /v REFERENCE
This has the advantage of using standard tools in the Windows OS, rather than having to find and install sed/awk/perl and such.
See the following transcript for it in operation:
C:\>type file.txt Good Line of data bad line of C:\Directory\ERROR\myFile.dll Another good line of data bad line: REFERENCE Good line C:\>type file.txt | findstr /v ERROR | findstr /v REFERENCE Good Line of data Another good line of data Good line