Crush the graham crackers in a food processor until fine crumbs form. Measure ¾ cup and set aside.
In a large mixing bowl, combine the peanut butter, melted butter, and vanilla extract until smooth.
Add the powdered sugar and graham cracker crumbs. Mix until a thick dough forms.
Cover and refrigerate the mixture for approximately 30 minutes.
Line a baking sheet with parchment paper.
Scoop approximately one tablespoon of the mixture at a time and roll into smooth balls.
Arrange the balls on the prepared baking sheet.
Freeze for approximately one hour until firm.
Melt the white chocolate wafers in a microwave-safe bowl using 20–30-second intervals, stirring between each interval until smooth.
Dip each chilled peanut butter ball into the melted chocolate until completely coated.
Lift with a fork and allow excess chocolate to drip off.
Place each coated snowball onto the parchment-lined baking sheet.
Immediately decorate with Christmas sprinkles while the coating is still wet.
Allow the white chocolate to set completely. Refrigerate for about 15 minutes if needed.
Store in an airtight container in the refrigerator until ready to serve.