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

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

Spoon the mixture onto plastic wrap, shape into a ball, and refrigerate for 2 hours.

Before serving, unwrap the ball, place on a serving plate, and press Reese’s pieces onto the surface. Arrange graham cracker pieces around it.