In the bowl of your stand mixer fitted with the paddle attachment (or using a hand-held electric mixer), beat the cold cream cheese with the powdered sugar for about 1 minute on medium speed, until smooth.
Scrape the bowl down, then add the vanilla and about 1/4 cup of the cream. Beat on medium speed for 30-60 seconds to smooth out any lumps of cream cheese.
Add the remainder of the cream, and switch to the whisk attachment. (You can also continue to use the paddle attachment, but it will take a few minutes longer).
Whip the cream on medium high speed for several minutes, stopping to scrape the bowl down once or twice, until thick fluffy peaks form that hold their shape.
Cover the bowl of whipped cream and keep it refrigerated until ready to use.
Notes
Leftover whipped cream can be refrigerated in an airtight container for up to 3 days. If it deflates a little when you stir it up, just re-whip it for several minutes to thicken it again, before using it for your recipe.Increase the powdered sugar by several tablespoons, if you like it sweeter. You can also double the cream cheese if you want the cream cheese flavor to be more prevalent.This recipe makes enough whipped cream to top a pie, or to frost a one-layer cake. Increase the recipe by 1 1/2x for a 6 inch layer cake and 2x to frost an 8 inch layer cake. When frosting layer cakes, I recommend using the whipped cream only on the outside of the cake and filling the layers with something like jam, as whipped cream between cake layers can make them slip and slide.