Into a large bowl, measure cereal; set aside.
In 2 small bowls, add 3/4 cups powdered sugar. In 1 of the bowls, add the Strawberry Jello, whisk. Set aside.
In 1-quart microwavable bowl, microwave white vanilla baking chips, peanut butter and butter uncovered on high for 1 minute; stir. Microwave about 30 seconds longer or until mixture can be stirred smooth. Pour mixture over cereal, stirring until evenly coated. Split the cereal into two 1 gallon resealable storage bags.
Add powdered sugar, Pop Rocks and Sprinkles. Seal bag; shake until well coated. Do the same for the red version.
Spread on waxed paper to cool. Store in airtight container in refrigerator.