In a large bowl add the softened cream cheese, peanut butter, powder sugar, and vanilla extract. With an electric hand mixer beat together until smooth and creamy.
Add in the whipped topping and fold it into the peanut butter mixture until just combined. Set aside.
Spread a thin layer of the whipped topping mixture in the bottom of a 9x13-inch baking dish.
Unwrap and line 12 of the ice cream sandwiches on top of the whipped topping mixture (you may need to slice one or two sandwiches to fit all into the pan).
Spread half of the remaining whipped topping mixture over the top of the ice cream sandwich layer.
Drizzle half of the chocolate syrup over the whipped topping and sprinkle on half of the Reese’s peanut butter cups evenly across the top.
Unwrap and layer the 12 remaining ice cream sandwiches over the top of that layer, top with remaining whipped topping mixture, drizzle the remaining chocolate syrup and sprinkle the remaining Reese’s peanut butter cups over the top.
Cover loosely with foil and place into the freezer for 3-4 hours before serving.
Slice in squares and enjoy!