In a mixing bowl, combine the softened cream cheese, red velvet cake crumbs, powdered sugar, and vanilla extract. Mix using an electric mixer or whisk until well combined and smooth.
Using a melon baller or small scoop, portion out the mixture into small balls (about 1 inch in diameter) and place them on a baking sheet lined with parchment paper.
Refrigerate the truffles for about 30 minutes to firm up.
While the truffles are chilling, prepare the white chocolate coating. Melt the chopped white chocolate in a double boiler or microwave-safe bowl until smooth, stirring frequently to avoid burning.
Once the truffles have chilled and hardened slightly, dip each truffle into the melted white chocolate, ensuring they are fully coated. Use a fork to lift them out and allow excess chocolate to drip off.
Place the coated truffles back onto the parchment-lined baking sheet. While the white chocolate is still warm, dust them lightly with cocoa powder for decoration.
Refrigerate the truffles for another 10-15 minutes until the chocolate coating is set.
Serve chilled or at room temperature as a delicious treat.