In the Wilsonian picture of renormalization, a quantum field theory is defined to have degrees of freedom only up to an energy scale $\Lambda$. The results of low-energy experiments shouldn't change as we lower $\Lambda$, as long as we change the parameters in the action to compensate for the loss of the high-energy modes. Quantitatively, we have $$S_{\Lambda'}[\phi] = S_{\Lambda}[\phi] + \log \int_{\tilde{\phi} \in (\Lambda', \Lambda)} \mathcal{D} \phi \, e^{iS_{\Lambda}[\phi]}$$ which expresses the fact that the partition function is invariant, $$\int_{\tilde{\phi} \in (0, \Lambda')} \mathcal{D}\phi\, e^{i S_{\Lambda'}[\phi]} = \int_{\tilde{\phi} \in (0, \Lambda)} \mathcal{D}\phi\, e^{i S_{\Lambda}[\phi]}.$$ Then we have scale-dependent couplings $g(\Lambda)$.
On the other hand, in 'continuum RG' techniques such as dimensional regularization, there is no high-energy cutoff. Instead, we perform some mathematical trick to assign finite values to the unbounded integrals. Sometimes, but not all of the time, the trick we use will introduce an arbitrary mass scale $\mu$, yielding scale-dependent couplings $g(\mu)$.
There are lots of questions on this site about how these two approaches are related, with the usual answer being that there's no relation whatsoever. But I suspect the two views are really the same!
Consider some loop integral in an unregularized theory, $$I = \int d^4 p\, (\text{stuff}) \sim \int_0^\infty p^3\, dp \, (\text{stuff)}.$$ In the Wilsonian picture, the integral would be finite by a hard cutoff, $$I \sim \int_0^\Lambda p^3\, dp \, (\text{stuff)}.$$ In dimensional regularization, we instead work in arbitrary dimension, giving $$I \sim \int_0^\infty p^{d-1} dp \,(\text{stuff}).$$ Then if we take $d < 4$, there are more degrees of freedom with lower energies, and less degrees of freedom with higher energies. If we say we have equality at energy $\mu$ (and this must be true, by dimensional analysis), then dimensional regularization is just doing a smoother version of the hard Wilsonian cutoff, with $\mu \sim \Lambda$!
To clarify, here's a sketch of how the number of degree of freedom at some energy changes in each of these schemes.
Is this picture valid? Are all continuum RG methods secretly Wilsonian? Are there any references where people discuss these ideas?