Rinse the dried elderberries under cold water.
In a pot, combine the elderberries and water.
Bring the mixture to a boil over medium-high heat.
Reduce heat and let it simmer for 30 minutes.
Mash the elderberries with a potato masher to release more juices.
Strain the mixture through a fine mesh sieve or cheesecloth into a clean pot.
Add honey to the strained liquid, stirring until dissolved.
If desired, mix in cinnamon and vanilla extract.
Simmer the syrup for another 10 minutes to thicken.
Pour the syrup into sterilized bottles and seal tightly.