Place the Rice Chex cereal in a large mixing bowl and set aside.
In a medium microwaveable bowl, add the chocolate chips, peanut butter, and butter. Microwave for 1 minute, and stir.
Microwave for an additional 30 seconds until smooth.
Add the vanilla, and stir to incorporate.
Pour mixture over the cereal, and stir to get all of the pieces covered.
Transfer the cereal into a large Ziploc bag (one gallon or larger).
Pour the powdered sugar into the bag and seal it. Gently shake the bag until all of the cereal pieces are evenly coated with the powdered sugar.
Line a baking sheet with wax paper.
Carefully, pour out the cereal onto the baking sheet, and spread out to cool.
Once cooled, add to the above Mardi Gras Snack Mix recipe.