In a mixing bowl, beat the softened cream cheese, powdered sugar, and vanilla extract using an electric mixer until smooth and well combined.

Fold the whipped topping in, then transfer some of the dip into two different small bowls.

Add a drop or two of red food coloring to one of the small bowls and a drop or two of pink to the other. Stir to combine, and continue to add the food coloring one drop at a time until you achieve the desired shades of red and pink.

Allow the dip to chill for one hour, then transfer the dip to a serving bowl and top with red and white heart sprinkles.

Serve with your favorite dippers, such as strawberries, cookies, and crackers.