Prepare the crust by combining graham cracker crumbs and sugar in a medium bowl, then pour in melted butter. Mix until the mixture resembles wet sand and holds together when pressed.
Press the crust mixture firmly into a 9-inch pie dish, using the bottom of a measuring cup to compact it evenly across the bottom and up the sides. Place in refrigerator to set while preparing the filling.
Beat cream cheese and peanut butter together in a large bowl using an electric mixer until completely smooth and no lumps remain, about 2 minutes. Scrape down the sides of the bowl as needed.
Add powdered sugar and vanilla to the peanut butter mixture and beat until fully incorporated and fluffy, about 1-2 minutes.
In a separate bowl, whip the heavy cream until stiff peaks form. This usually takes 3-4 minutes on medium-high speed.
Gently fold the whipped cream into the peanut butter mixture using a spatula. Work in thirds, adding one portion at a time and folding with a light hand to maintain fluffiness.
Spoon the filling into the prepared crust and smooth the top with a spatula. Refrigerate for at least 4 hours or overnight.
Optional: Before serving, melt chocolate chips in the microwave in 30-second intervals, stirring between each, until smooth. Drizzle over the pie and sprinkle with chopped peanuts if desired.