Preheat oven to 350°F. In a mixing bowl, beat softened cream cheese, sugar, and vanilla with a mixer on medium speed until smooth, about 2 to 3 minutes. Add eggs one at a time, beating after each addition until blended.

In a saucepan, melt caramels with milk over low heat, stirring constantly until smooth. Stir in chopped pecans.

Pour caramel mixture over the graham cracker crust. Spread the cream cheese mixture evenly over the caramel layer.

Bake for 40 minutes. Remove from oven and cool in the refrigerator for at least 3 hours or overnight. Before serving, drizzle with caramel sauce and sprinkle with chopped pecans if desired.