Combine peanut butter and butter in the bowl of a stand mixer and beat until well combined. Add brown sugar and vanilla extract. Gradually add powdered sugar until the mixture is well combined.
Scoop into tablespoon sized balls and roll in the palm of your hand until you have a smooth, round ball. Place on a baking sheet fitted with parchment paper and freeze 15-20 minutes.
While the balls are freezing, prepare the salted caramel sauce. In a medium saucepan over medium-high heat, combine sugar with 1/4 cup cold water and stir. Cook without stirring until the sugar has turned a deep amber hue, about 10-12 minutes. Be careful, the initial color becomes dark quickly - don't burn it!
Microwave the cream in a microwave safe bowl. When the caramel is ready, slowly whisk in the cream and continue simmering until the mixture is smooth. Remove from heat, whisk in butter and salt. Let the caramel cool slightly but still warm enough for dipping.
Remove balls from the freezer and insert a toothpick. Dip carefully into the caramel and let the excess drip off. Place back on the parchment and back into the freezer for 15-20 minutes.
While the balls are freezing again, prepare the melting chocolate. If you use chocolate chips, be sure to use a double boiler over low heat so that you don't burn the chocolate. If you are using melting wafers, prepare according to package directions.
Remove balls from the freezer and insert another toothpick. Dip into the chocolate for final layer. Refrigerate for about 20 minutes so the chocolate sets. Serve and store at room temperature.