In a large heavy saucepan or Dutch oven, stir together the water and sugar. Bring to a boil, and heat to between 234 and 240 degrees F (112 to 116 degrees C), or until a small amount of syrup dropped into cold water forms a soft ball that flattens when removed from the water and placed on a flat surface.
Remove from the heat, and stir in the marshmallow creme, vanilla, food coloring and pecans. Let the mixture sit for about 5 minutes until slightly cooled and thickened. Drop by spoonfuls onto waxed paper. Chill until firm before storing in an airtight container.
