The projective line over the (non-commutative) ring of two-by-two matrices with coefficients in GF (2) is found to fully accommodate the algebra of 15 operators -generalized Pauli matrices -characterizing two-qubit systems. The relevant sub-configuration consists of 15 points each of which is either simultaneously distant or simultaneously neighbor to (any) two given distant points of the line. The operators can be identified with the points in such a one-to-one manner that their commutation relations are exactly reproduced by the underlying geometry of the points, with the ring geometrical notions of neighbor/distant answering, respectively, to the operational ones of commuting/non-commuting. This remarkable configuration can be viewed in two principally different ways accounting, respectively, for the basic 9+6 and 10+5 factorizations of the algebra of the observables. First, as a disjoint union of the projective line over GF (2) × GF (2) (the "Mermin" part) and two lines over GF (4) passing through the two selected points, the latter omitted. Second, as the generalized quadrangle of order two, with its ovoids and/or spreads standing for (maximum) sets of five mutually non-commuting operators and/or groups of five maximally commuting subsets of three operators each. These findings open up rather unexpected vistas for an algebraic geometrical modelling of finite-dimensional quantum systems and give their numerous applications a wholly new perspective. Projective lines defined over finite associative rings with unity/identity 1−7 have recently been recognized to be an important novel tool for getting a deeper insight into the underlying algebraic geometrical structure of finite dimensional quantum systems. 8−10 Focusing almost uniquely on the two-qubit case, i.e., the set of 15 operators/generalized four-by-four Pauli spin matrices, of particular importance turned out to be the lines defined over the direct product of the simplest Galois fields, GF (2) × GF (2) × . . . × GF (2). Here, the line defined over GF (2) × GF (2) plays a prominent role in grasping qualitatively the basic structure of so-called Mermin squares, 9,10 i. e., three-by-three arrays in certain remarkable 9 + 6 split-ups of the algebra of operators, whereas the line over GF (2) × GF (2) × GF (2) reflects some of the basic features of a specific 8 + 7 ("cubeand-kernel") factorization of the set. 10 Motivated by these partial findings, we started our quest for such a ring line that would provide us with a complete picture of the algebra of all the 15 operators/matrices. After examining a large number of lines defined over commutative rings, 6,7 we gradually realized that a proper candidate is likely to be found in the non-commutative domain and 1