Using a stand mixer or a medium-sized mixing bowl with a handheld mixer on medium-high speed, beat together the softened cream cheese, creamy peanut butter, and vanilla extract for 1.5 to 2 minutes until smooth.

Add the sifted powdered sugar and continue mixing for another 1 to 1.5 minutes.

Measure out 2 pieces of plastic wrap in a crisscross pattern. Spoon the peanut butter mixture into the center of the plastic wrap and shape into a ball. Tightly wrap the peanut butter ball in the plastic wrap. Chill in the refrigerator for 2 hours.

Just before serving, unwrap the peanut butter ball and place it in the center of a serving plate.

Lightly press the Reese’s pieces onto the surface of the peanut butter ball. Arrange the graham cracker pieces around the decorated peanut butter ball.