In a medium bowl, mix peanut butter, vanilla and confectioners sugar with hands to form a smooth stiff dough. Shape into balls using 2 tsps of dough for each ball. Place on prepared pan and refrigerate.
Melt shortening and chocolate together in a metal bowl over a pan of simmering water. Stir occasionally until smooth and remove from heat.
Remove ball from refrigerator. Insert a wooden toothpick into ball and dip into melted chocolate. Return to wax paper, chocolate side down and remove toothpick. Repeat with remaining balls. Refrigerate for 30 minutes to set. Enjoy!!