Combine white chocolate chips, sweetened condensed milk, and salt then microwave in 30-second intervals, until the mixture is melted and smooth.
Add vanilla extract. Mix in 2-4 drops of red food coloring. Spread the fudge mixture in an even layer in the pan with parchment paper that goes over the edges and allow it to set for 30 minutes.
Repeat the process with the remaining white chocolate chips to make a second layer, but do not add food coloring to this layer. Spread the white layer of fudge over the pink layer.
Sprinkle the Valentine’s day sprinkles on top of the fudge. Using your hands, gently press the sprinkles into the fudge to make sure they stay in place.