Combine peanut butter, vanilla, protein powder, honey, and 1.5 tablespoons water in a medium-sized bowl. Mix until the texture is like cookie dough. You may need to add more water in order to get it to a cookie dough-like texture.
Line a baking sheet with parchment paper. Using a 1 tablespoon cookie dough scoop, scoop dough into your hands and roll it into a ball. Place them on the parchment paper and repeat.
Freeze the balls for around 30 minutes.
While your balls are chilling, melt the chocolate. Place the chocolate chips and coconut oil in a small bowl. You want it to be big enough to fit the chocolate chips, but small enough so that you can dip the balls. Microwave in 20-second increments, stirring between each increment until glossy and melted.
If you want to add toppings to your protein buckeyes, prep small bowls of them for dipping.
Place a ball on the end of a fork. Dip the ball into the chocolate, leaving a ring at the tip. Hold your fork with your left and and use your right hand to tap your wrist, so that any extra chocolate drips off. Finally, use a toothpick to slide the ball off the fork into your toppings.
Once coated, transfer the balls back onto the parchment-lined baking sheet and freeze to speed up the drying process.