This page gives some basic details about the Refraction Render Element and how it is used in compositing.
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The Refraction Render Element is useful for changing the appearance of refractive elements after rendering in a compositing or image editing application. In the example below, the bottle and the cap are selected, using a Cryptomatte mask and their refractions are tinted and lowered, using the Refraction RE.
Raw Refraction x Refraction Filter = Refraction