Melt: In a saucepan over low heat, melt peanut butter and honey together until smooth. Stir in vanilla.
Combine: Pour mixture over rice cereal in a large bowl. Stir until fully coated.
Shape: Once cooled slightly, roll the mixture into 1-inch balls using your hands.
Dip: Melt chocolate chips in a microwave-safe bowl (30-second intervals, stirring in between). Dip each ball into melted chocolate and place on a parchment-lined tray.
Chill: Refrigerate for at least 30 minutes until chocolate is firm.
Serve: Enjoy right away or store in an airtight container in the fridge.