In a mixing bowl, combine the softened cream cheese and powdered sugar. Use an electric mixer or whisk to blend them together until smooth.
Add the pumpkin puree, pumpkin pie spice, and vanilla extract to the cream cheese mixture. Mix well until fully combined and smooth.
Gently fold in the Cool Whip, mixing until the dip is light and fluffy.
Transfer the pumpkin dip to a serving dish and smooth the top with a spatula.
Chill the dip in the refrigerator for at least 30 minutes before serving to allow the flavors to meld (this step is optional but recommended).
Serve with graham crackers, apple slices, or your choice of dippers.
For added flavor, you can sprinkle extra pumpkin pie spice or cinnamon on top before serving.
This dip can be made a day ahead of time and stored in the refrigerator.
Adjust the sweetness by adding more or less powdered sugar to your taste.