would using reference counting allow for determinism guarantees that are not possible with a garbage collector?
I don't see how. The process of lowering the reference count of an object is not time-bounded, as that object may be the single root for an arbitrary large object graph.
The only way to approach the problem of GC for real-time systems is by using either a concurrent collector or an incremental one - and no matter if the system uses reference counting or not; in my opinion your distinction between reference counting and "collection" is not precise anyway, e.g. systems which utilize reference counting might still occasionally perform some memory sweep (for example, to handle cycles).
You might be interested in IBM's Metronome, and I also know Microsoft has done some research in direction of good, real-time memory management.