Forgive my ignorance for the proper terminology, but let me try to explain what I want to happen.
I have two custom fields on the incident table/form. I have created a custom table with 2 columns. I have figured out how to reference the table in one of the fields, allowing me to search the entries. Now I want to link the field selection to the other field via the custom table I made. When I make a selection in field A, I want field B to populate with the other column on the same row Field A pulled from in the first place. How would I do that?
Sounds like you want what's commonly referred to as a "derived field" or a dot-walked field.
You have a reference field which stores the reference to the other table, and want a second field on the form that shows another field on that referenced table. You don't actually need to create a new element, you just need to add a dot-walked form element.
Once you have the reference field added, go to Personalize/Configure the form layout.