I think I know which one you have in mind but the problem was different 
…
And I don’t really see a clean solution here 
(but maybe someone else would 
) as to pair Column A and Column B into one single list, you would need to use a Text field … so the values are somewhat converted into text …
You still have the accessible references to the rows in Column A and B and displayed with the pill (if you use List()/ListCombine()) but that stops there. If you use Concatenate() you would get their respective @ref.
If you dereference the text value of the display column of column A and column B (using something like thisRow.[Column A].Name), you would loose the reference (but gain the formatting if you didn’t use a conditional format)
Only lookup fields can pass along the formatting of the display column when it comes to rows …
That said 
… Depending on how much you want to have formatted row reference, maybe you could re-create objects using the hidden Object() function and experiment with the tool-tip method you’ll find here :
You could have a result similar to what you’ll find in the sample below