In a large bowl, beat the softened cream cheese until smooth and creamy.
Add powdered sugar and vanilla extract, mixing until well combined.
Gently fold in the whipped topping until the mixture is light and fluffy. If using marshmallow fluff, mix it in at this stage.
Add a few drops of pink food coloring and stir until fully incorporated.
Fold in half of the pastel-colored sprinkles or mini candies, reserving the rest for garnish.
Transfer the dip to a serving bowl and sprinkle the remaining candies on top.
Serve immediately with graham crackers, pretzels, strawberries, or marshmallows.