Start by beating 8 ounces of softened cream cheese in a large mixing bowl using an electric mixer on medium speed for about 2 minutes until smooth. Gradually add 1 cup of powdered sugar and 1 teaspoon of vanilla extract, mixing until well combined.

Next, gently fold in 1 cup of thawed whipped topping with a spatula to keep the mixture airy and smooth. Avoid over-mixing.

Divide the cream cheese mixture into separate bowls and add gel food coloring to each, mixing gently until you achieve desired pastel hues.

Spoon dollops of each colored filling into the prepared graham cracker crust and gently swirl together with a knife or toothpick.

Place the pie in the refrigerator and allow it to chill for at least 2 hours, preferably overnight.

After chilling, enhance presentation with whipped cream around the edges and festive sprinkles on top. Slice and serve.