Place the cream cheese, butter, vanilla, and a pinch of salt in the bowl of a mixer. Mix on medium-high for about 1 minute, until creamy. Scrape down the sides of the bowl.
Add half of the powdered sugar and mix on medium-high for about a minute, until incorporated.
Add the remaining sugar and mix on medium-high until smooth and creamy, about a minute more.
Serve the frosting on cinnamon rolls, cakes, or cookies.