Prepare bag of popcorn in the microwave. Pour into a large bowl and pick out any un-popped kernels. (You don't want to run into those when eating your peanutty popcorn!)

In a small saucepan, add the peanut butter, honey, and vanilla extract. Heat over medium-low heat until it starts to thin and become sauce-like. Once the consistency of gravy/cheese sauce, turn off heat and pour over popcorn.

Toss to coat. Pour popcorn onto a sheet of wax paper and spread into a single layer. Let it cool for 5 minutes and serve.