Mix your softened butter, peanut butter and vanilla extract with a hand mixer or stand mixer until creamy.
Begin mixing in your powdered sugar, 1 cup at a time. You might need to use a little less than 4 cups or more depending on the consistency of your peanut butter mixture. Add in a little bit at a time until the mixture is creamy, but can hold together in one big ball.
Refrigerate the mixture for an hour. This will help firm up your mixture to form the peanut butter balls.
Line a baking sheet with parchment paper, and set aside.
Remove peanut butter mixture from the refrigerator and begin forming it into 1 inch balls. Return the balls to the refrigerator for an hour to allow them to firm up again before dipping them into the chocolate.
Heat up each flavor of chocolate melting wafers using the directions on each package (each one might be a bit different, depending on which ones you use). I have had the best experience microwaving any kind of packaged chocolate wafers on 50% power starting with 1 minute. Remove the chocolate from the microwave and stir. If it still needs to be melted, return to the microwave for 15-30 second increments until fully melted and smooth.
Dip each peanut butter ball into the chocolate using a fork until fully coated. Let some of the chocolate drip back into the bowl before placing onto the parchment lined baking sheet. Repeat until each ball is dipped in your desired chocolate coating flavor. I dipped 1/3 of the peanut butter balls in white chocolate, 1/3 in dark chocolate, and the remaining 1/3 in milk chocolate.
For best results, chill for an hour before serving.
