Preheat oven to 350°F and prepare cake pans with non-stick spray or parchment paper.
Mix and bake the red velvet cake as directed on the package, then allow to cool completely.
Break cooled cake into fine crumbs; if moist, spread crumbs on a baking sheet and dry in oven for 5-6 minutes.
In a bowl, whip cream cheese, butter, and powdered sugar with an electric mixer until light and airy.
Crush graham crackers to fine crumbs using a food processor or rolling pin.
Fold graham cracker crumbs and vanilla extract into the cream cheese mixture until fully combined.
Form the mixture into small spheres using a cookie scoop and roll between palms to shape.
Place spheres on a lined baking sheet and refrigerate for one hour to firm.
Coat chilled cream cheese balls evenly with the red velvet cake crumbs, reshaping as needed.
Serve immediately or store in the refrigerator until ready to enjoy.