LINE 8-inch square pan with foil. Lightly grease foil; set aside.
PLACE marshmallows, butter and honey in large saucepan; cook on medium heat until mixture comes to boil, stirring constantly. Remove from heat. Add vanilla, crushed grahams and peanuts; mix well.
PRESS mixture firmly into prepared pan; cover. Refrigerate several hours or until chilled. Cut into 1-inch squares. Store in tightly covered container in refrigerator.