Place a medium to large bowl and electric beaters (or whisk attachment and a stand mixer bowl) in the freezer and chill 15 minutes.
In a small bowl, dissolve the gelatin in the water. Let sit a few minutes until thickened. Microwave about 10 seconds, or until it turns back to liquid.
In the chilled bowl, add the cream, sugar, and vanilla. Using an electric mixer fitted with chilled beaters, beat on low until combined. Beat on high 1 minute, or until soft peaks form. Slowly mix in the liquid gelatin while the beaters are on. Beat until soft peaks forms or it reaches the texture of cool whip.
Chill until ready to use. It will stay stable for 24 hours. Replace in any recipe using cool whip, cup for cup.
Notes
Make-ahead: This recipe can be made 1 to 2 days in advance and stored in the fridge. Storage: Store in an airtight container in the refrigerator up to 24 hours.