In a bowl, mix together creamy peanut butter, softened butter, and vanilla extract until smooth and creamy.
Gradually mix in the powdered sugar, one cup at a time, until the dough is thick enough to hold its shape.
Roll the dough into 1-inch balls and place them on a parchment-lined baking sheet. Freeze for 20-30 minutes until firm. If the dough is sticky, coat your hands with powdered sugar.
Melt chocolate chips in the microwave in 30-second intervals, stirring between each, or use a double boiler. For smoother chocolate, stir in 2 tbsp shortening or coconut oil.
Dip each peanut butter ball into the melted chocolate using a fork or toothpick, allowing excess chocolate to drip off. Place them back on the parchment-lined sheet.
Refrigerate the coated balls for 30 minutes until the chocolate hardens and is no longer sticky.