Hmm, I think the best way to understand what is right or wrong is to put yourself in a similar situation.
Lets try it.
Fanart by Ladowska
I redrew your work. Depending on my skills it will be a miserable copy (in this case it is pretty poor), something totally identical or something better.
How would you feel if I submitted it without saying I traced (referenced) it from you? Or would you feel proud if I said it is my tribute to you because I am in love with your work? One can be hurt in both cases.
But.. It is my work, I drew it myself. I put my time and effort into it. Right? I want to show it, I am proud! Right? Or even if i made it, it does not make it mine?
It is a fragile subject indeed.. But in many cases, if we didn't copy we'd never learn. It is really hard. I am mostly paid for copying photographs as I am a portrait artist! Many say I have no style of my own, and that there is no talent even if you spent 500hours on a piece to make it look like a photograph. Fair. The borderline is seamless.