In a medium bowl, combine the cream cheese, sugar, raspberry preserves, and vanilla extract. Stir to mix the ingredients until smooth.
Unroll the pie crust on a flat surface. Use a spatula to spread the cream cheese mixture in a thin layer over the entire crust.
Starting at one end, roll up the crust into a log shape, then wrap the dough with plastic wrap. Chill the crust for at least one hour in the refrigerator.
When you’re ready to start baking, preheat the oven to 425 degrees and line a baking sheet with parchment paper.
Remove the plastic wrap from the rolled up dough and cut the log into ½ inch slices. Place the pinwheel slices on the lined baking sheet and bake for 10 to 15 minutes, until the pie crust begins to brown.
Allow to the pastries to cool to room temperature, then top with powdered sugar before serving.