You can use the tools on the Formulas tab of the ribbon (in the Formula Auditing group) to determine relationships between cells in your worksheet. For instance, you might want to determine which cells refer to a value in a particular cell. All you need to do is select the cell in question and then click on the Trace Dependents tool. If there are any other cells that refer to the selected cell in a formula, Excel draws arrows between the cells. This allows you to graphically see the relationship between cells.
If you click on the Trace Dependents tool again, Excel displays not just the direct dependents, but the first level of indirect dependents as well. Clicking your mouse on the Remove Arrows tool removes one of the levels of auditing arrows. If you only want to remove some of the arrows, click the down-arrow to the right of the Remove Arrows tool to see your options.