Prepare the Mixture: In a large bowl, beat together the peanut butter, softened butter, and vanilla extract until fully combined and smooth.
Add Sugar: Gradually add the powdered sugar, about ½ cup at a time, mixing well between each addition to ensure it’s fully incorporated.
Mix in Cereal: Fold in the Rice Krispies cereal until evenly distributed throughout the mixture.
Form Balls: Using a medium cookie scoop, portion out the mixture onto a parchment-lined baking sheet. Roll each portion between your palms to form smooth, round balls.
Melt the Chocolate: Melt the chocolate melting wafers in a deep, wide-mouth cup or bowl, microwaving at 30-second intervals and stirring between each one until fully melted and smooth.
Dip the Balls: Dip each peanut butter ball into the melted chocolate, allowing any excess to drip off before placing them back onto the parchment-lined sheet.
Set: Let the chocolate-coated balls sit at room temperature until the chocolate hardens, or speed up the process by placing them in the fridge for about 15 minutes.