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Into large bowl, measure cereal; set aside.
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In 1-quart microwavable bowl add chocolate chips, peanut butter and butter. Microwave uncovered on High 1 minute; stir. Microwave about 30 seconds longer or until mixture can be stirred smooth.
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Stir in vanilla.
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Pour mixture over cereal, stirring until evenly coated.
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Pour into 2-gallon resealable food-storage plastic bag.
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Add powdered sugar. Seal bag; shake until well coated.
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Add mini marshmallows and additional chocolate chips
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Spread on waxed paper to cool. Store in airtight container in refrigerator.