In a large bowl with either a hand or stand mixer, beat softened butter with peanut butter until smooth and creamy.
Add in vanilla extract and beat until smooth. Add in the powdered sugar 4 separate additions, until all of the sugar is fully incorporated. Roll the peanut butter dough into small tablespoon sized balls and place onto plates.
Refrigerate for 30 minutes. Place the chocolate chips into a microwaveable bowl and melt in the microwave in 30 second intervals, stirring in between each one until the chocolate is fully melted.
Remove the peanut butter balls from the fridge and using a fork, dip each peanut butter ball into the melted chocolate and place it back onto a plate.
Refrigerate for another 30-60 minutes, or until the chocolate has set. Store the peanut butter balls into an air tight container in the fridge for up to one week, or store in the freezer for up to a couple of months.
