Line a large baking sheet with parchment paper and set aside.
In a large bowl, beat cream cheese until nice and fluffy.
Add peanut butter and beat until combined.
Add vanilla extract and continue beating just until incorporated.
Stir in powdered sugar, crushed pretzels and mini chocolate chips. (You can use your hands here to really work it all together. It's actually much faster. Likewise, you could put it all in stand mixer and mix it that way as well.)
Shape into 1-inch balls and place on prepared baking sheet. (You will need to give them a good squeeze in your hand before rolling into balls.)
Refrigerate for one hour or freeze for 15 minutes.
Combine chocolate chips with candy coating and melt according to package directions. (30 second intervals on high, stirring in between, usually does the trick.)
Dip balls into melted chocolate, and place back on parchment-lined baking sheet.
Sprinkle with chocolate sprinkles, crushed peanuts, or crushed pretzels if desired.