It depends what you mean by compressing. If you pass this through deflate/gzip/some other standard compression, `bar` will compress very well. So if you can use standard compression either in transport or when saving the file, that will give you the best result.
If you want to do references within json, you'd have to implement something yourself. There are lots of different solutions to this already. If you use only references, you could simply say this field includes the id of the structure you need, like:
{
"_refs": {
"abc": {"desc": ..., "other": ....}
},
"items": [
{"foo": "foo bar", "bar": "abc"},
...
If you want some system where you can use either the text or id, have a look at something like AWS CF format. There, values that look like `{"Ref": "SomeName"}` are replaced with values of the reference, but you can just have "foo" in place of that object and it will still work.
If you want to keep that value a string for some reason, you can also use namespacing like AWS does: `{"Fn::Base64": {...}}` for example gets interpreted as a value of that function rather than a standard object. Using "ref::..." as a prefix for "this is not a standard value" could work for you.