diff --git a/rpcs3/emucore.vcxproj b/rpcs3/emucore.vcxproj
index 14d6070594..d5194e8b1e 100644
--- a/rpcs3/emucore.vcxproj
+++ b/rpcs3/emucore.vcxproj
@@ -750,7 +750,7 @@
     <ClInclude Include="util\yaml.hpp" />
   </ItemGroup>
   <ItemGroup>
-    <ProjectReference Include="..\3rdparty\libpng.vcxproj">
+    <ProjectReference Include="..\3rdparty\libpng\libpng.vcxproj">
       <Project>{d6973076-9317-4ef2-a0b8-b7a18ac0713e}</Project>
     </ProjectReference>
     <ProjectReference Include="..\3rdparty\asmjit\asmjit.vcxproj">