In a medium bowl, mix the softened cream cheese, powdered sugar, and vanilla extract until smooth and fluffy. Scoop small amounts of the mixture (about 1 teaspoon each), roll into balls, and place on a parchment-lined baking sheet. Freeze for 30 minutes or until firm.
In another bowl, combine the dry red velvet cake mix, melted butter, milk, and vanilla extract. Stir until a soft dough forms. If the dough is too sticky, refrigerate it for 15–20 minutes.
Take a tablespoon of the red velvet dough, flatten it slightly in your palm, and place a frozen cheesecake ball in the center. Carefully wrap the dough around the filling, rolling it into a smooth ball. Repeat with remaining dough and filling.
Place the bites in the fridge for at least 1–2 hours to firm up. For added flair, drizzle with melted white chocolate or dip the tops before serving.