Although spin orbit torque magnetic random access memory (SOT-MRAM) is one of the strong candidates for next-generation embedded memories, the degradation of read margin due to low tunnel magnetoresistance ratio (TMR) with process variations has been a large concern. In this paper, we present the dual-domain dynamic reference (DDDR) sensing scheme, where the reference voltage can be dynamically changed based on the combined voltage and time domain sensing to increase the sensing margin. The Half Schmitt trigger and sample & hold circuits are efficiently employed to generate data-dependent reference voltages and to store the sampled voltage levels at different times, respectively. According to the simulations using 28nm CMOS technology with 128 by 128 SOT-MRAM array, the proposed DDDR approach achieves a 243mV of sensing margin under 6.08E-8 bit-error-rate (BER) at 1.76ns, which is 2X larger margin with more than 100 times lower BER compared to the conventional read scheme. When scaling down the pre-charge voltage, the proposed scheme achieves more than 50% of the read energy savings under 1E-5 target BER condition.