Line an 8-inch square pan with foil; grease foil with 1 teaspoon butter.
In a small saucepan, combine honey and remaining butter over medium heat; cook and stir until blended. Stir in peanut butter until smooth. Remove from heat; whisk in confectioners’ sugar and vanilla. Spread in prepared pan. Refrigerate, covered, 2 hours or until firm.
Place peanuts in a shallow bowl. Using foil, lift candy out of pan. Remove foil; cut candy into 64 squares. Roll squares into balls; roll in peanuts. Store between layers of waxed paper in an airtight container in the refrigerator.