Place the chocolate chips and peanut butter in a medium bowl. Microwave in 30-second intervals on 50% power, stirring after each, until the mixture is completely melted and smooth. Stir in the vanilla extract and salt.
Pour a little bit of the chocolate mixture into the bottom of a large bowl. Add about a third of the cereal, a third of the remaining chocolate mixture, and repeat two more times. Using a rubber spatula, gently mix it all together until all of the cereal is completely coated. Place in the refrigerator for 5 minutes.
Place ½ cup of the powdered sugar in a gallon-size zip-top bag, top with half of the cereal mixture, another ½ cup of the powdered sugar, the rest of the cereal mixture, then the remaining ½ cup of powdered sugar. Seal the bag, then shake it very well until all of the cereal is coated with powdered sugar.
Nutritional values are based on one serving