Prepare a 12 X 17 sheet pan by spraying it with cooking spray. Set aside.
In a heavy duty, thick bottomed pot, combine water, sugar, peanut butter, corn syrup, and salt.
Cook over medium high heat until 286F. Syrup will be thick.
Turn off heat. Add vanilla.
Add baking powder. Mix in well enough to not have white pockets of baking soda but to not mix so heavily that you lose your air produced by the baking powder. You want to keep that air!
Add peanuts immediately after mixing in baking soda. Stir to combine.