In a bowl, add peanut butter, butter, and vanilla. Stir until combined and creamy. Add salt and 1 cup of confectioner's sugar at a time until all 3 cups are combined. Mixture will be very thick, like a dough.
Roll dough into one-inch balls and place onto a wax paper lined baking sheet. Transfer baking sheet to refrigerator and allow to chill for 30 minutes (or into the freezer for 15 minutes).
In a small microwave safe bowl, heat melting wafers in 30 second increments, stirring every 30 seconds, until wafers are melted and smooth.
Remove peanut butter balls from the refrigerator. Pierce the center of a peanut butter ball with a toothpick, going about halfway though. Dip the ball about 2/3 of the way into the chocolate, leaving a circle of peanut butter exposed on the top. Lift out of chocolate and gently shake off excess chocolate. Place back onto cold baking sheet. Repeat until all balls are coated.
Allow to harden on the counter top for 30 minutes, or in the refrigerator for 10 minutes. Store in a sealed container in the refrigerator until ready to serve.
If you'd like to add sprinkles or crushed nuts, do so immediately after dipping into chocolate, before it dries.
You'll have the best success when your peanut butter balls are cold and your chocolate is hot and melted. If your peanut butter balls begin to warm up before being dipped, place back in the refrigerator for a few minutes. If your chocolate begins to cool, microwave for 10 seconds and stir.