In a mixing bowl, beat the cream cheese, powdered sugar, and vanilla until smooth. Blend half of the whipped topping into the cream cheese mixture. Then, fold the remaining whipped topping into the mixture.
Place the cheesecake mousse into a piping bag. Pipe the frosting on to cupcakes or leave in a bowl as is and serve with graham crackers and/or slices of fruit as a dip. Refrigerate until ready to serve.