diff --git a/src/passes/ReorderFunctions.cpp b/src/passes/ReorderFunctions.cpp
index e832a9ce7b4..7af59b62519 100644
--- a/src/passes/ReorderFunctions.cpp
+++ b/src/passes/ReorderFunctions.cpp
@@ -29,7 +29,6 @@
 
 #include <memory>
 
-#include <ir/element-utils.h>
 #include <pass.h>
 #include <wasm.h>
 
@@ -54,6 +53,12 @@ struct CallCountScanner : public WalkerPass<PostWalker<CallCountScanner>> {
     (*counts)[curr->target]++;
   }
 
+  void visitRefFunc(RefFunc* curr) {
+    // can't add a new element in parallel
+    assert(counts->count(curr->func) > 0);
+    (*counts)[curr->func]++;
+  }
+
 private:
   NameCountMap* counts;
 };
@@ -69,8 +74,10 @@ struct ReorderFunctions : public Pass {
     for (auto& func : module->functions) {
       counts.try_emplace(func->name, 0);
     }
-    // find counts on function calls
+    // find counts on function calls and ref.funcs in function bodies
     CallCountScanner(&counts).run(getPassRunner(), module);
+    // find counts on ref.funcs in module code: globals, element segments, etc.
+    CallCountScanner(&counts).walkModuleCode(module);
     // find counts on global usages
     if (module->start.is()) {
       counts[module->start]++;
@@ -80,9 +87,6 @@ struct ReorderFunctions : public Pass {
         counts[*curr->getInternalName()]++;
       }
     }
-    ElementUtils::iterAllElementFunctionNames(
-      module, [&](Name name) { counts[name]++; });
-    // TODO: count all RefFunc as well
     // TODO: count the declaration section as well, which adds another mention
     // sort
     std::sort(module->functions.begin(),
diff --git a/test/lit/passes/reorder-functions.wast b/test/lit/passes/reorder-functions.wast
new file mode 100644
index 00000000000..53c88fe0a3d
--- /dev/null
+++ b/test/lit/passes/reorder-functions.wast
@@ -0,0 +1,59 @@
+;; NOTE: Assertions have been generated by update_lit_checks.py --all-items and should not be edited.
+;; RUN: foreach %s %t wasm-opt --all-features --reorder-functions -S -o - | filecheck %s
+
+;; Check that ref.func references count towards a function's usage, both in
+;; function bodies and in module code (global initializers and element
+;; segments). The expected order is $c, then $a, then $b.
+
+(module
+  ;; CHECK:      (type $0 (func (result i32)))
+
+  ;; CHECK:      (global $g funcref (ref.func $a))
+
+  ;; CHECK:      (elem declare func $a $c)
+
+  ;; CHECK:      (func $c (type $0) (result i32)
+  ;; CHECK-NEXT:  (i32.const 3)
+  ;; CHECK-NEXT: )
+
+  ;; CHECK:      (func $a (type $0) (result i32)
+  ;; CHECK-NEXT:  (i32.const 1)
+  ;; CHECK-NEXT: )
+  (func $a (result i32)
+    (i32.const 1)
+  )
+  ;; CHECK:      (func $b (type $0) (result i32)
+  ;; CHECK-NEXT:  (i32.const 2)
+  ;; CHECK-NEXT: )
+  (func $b (result i32)
+    (i32.const 2)
+  )
+  (func $c (result i32)
+    (i32.const 3)
+  )
+  (global $g funcref
+    (ref.func $a)
+  )
+  ;; CHECK:      (func $use (type $0) (result i32)
+  ;; CHECK-NEXT:  (drop
+  ;; CHECK-NEXT:   (ref.func $a)
+  ;; CHECK-NEXT:  )
+  ;; CHECK-NEXT:  (drop
+  ;; CHECK-NEXT:   (ref.func $c)
+  ;; CHECK-NEXT:  )
+  ;; CHECK-NEXT:  (drop
+  ;; CHECK-NEXT:   (ref.func $c)
+  ;; CHECK-NEXT:  )
+  ;; CHECK-NEXT:  (drop
+  ;; CHECK-NEXT:   (call $c)
+  ;; CHECK-NEXT:  )
+  ;; CHECK-NEXT:  (call $b)
+  ;; CHECK-NEXT: )
+  (func $use (result i32)
+    (drop (ref.func $a))
+    (drop (ref.func $c))
+    (drop (ref.func $c))
+    (drop (call $c))
+    (call $b)
+  )
+)