Using a hand mixer or stand mixer fitted with the whisk attachment, whip heavy cream and powdered sugar until stiff peaks form. Transfer to the refrigerator.
In a separate bowl, using a hand mixer or stand mixer fitted with the paddle attachment, beat cream cheese, peanut butter, marshmallow creme, and vanilla until smooth and combined. Using a rubber spatula, fold the whipped cream into the peanut butter mixture.
Transfer the dip to the refrigerator until chilled.
Notes
*Use an emulsified/no-stir peanut butter. Using natural peanut butter can cause some separation. A fully blended commercial brand peanut butter works best for this.