In a small bowl, combine the gelatin with 1/2 cup of cold water and let it bloom.
In a saucepan, combine sugar, corn syrup, and remaining water.
Heat the mixture over medium heat until sugar dissolves.
Bring to a boil and let it cook for about 2 minutes without stirring.
Remove from heat and add the gelatin mixture.
Beat with a mixer on high speed until fluffy and white.
Stir in vanilla extract.
Pour the mixture into a greased pan and spread evenly.
Let sit at room temperature for at least 4 hours to set.
Dust with powdered sugar and cut into squares.