Recently, Praydog added a new feature that, as far as I know, was first present in a mod for DD2.
This mod introduced path tracing into the game, and now it's also available for RE4R thanks to Praydog.
Simply download the latest version of Nightly REFramework, load the game, and enable RT from the game settings.
Follow this simple configuration via REFramework:

PPT gives you better RT with shadows and reflections (minus some reflections like water) but causes problems with Leon's jacket (see image below)
        
Step 1: Disable hair strands. (as it looks weird in PT).
Step 2: Enable RTT inside: Graphics > RTT.
Step 3: Set RT Type to Pure PT, RT Clone to ASVGF, Bounce Count to 0 (it causes noise effects and a huge FPS hit), and lastly, set SPP to 4.

Hybrid gives you more fps and better RT but disables reflections (more noticeable on water) but also works with leon's jacket


Follow this simple configuration via REFramework:
Step 1: Disable hair strands. (as it looks weird in Hybrid PT).
Step 2: Enable RTT inside: Graphics > RTT.
Step 3: Set RT Type to Hybrid PT, RT Clone to ASVGF, Bounce Count to 0 (it causes noise effects and a huge FPS hit), and lastly, set SPP to 4.

Optional:
camera backlight disabler (backlights doesnt look great with PT since its not a real light)

It's not perfect, it looks weird in a lot of places, but at least it's something, right?