Spray an 8x8 inch baking dish with cooking spray. Place parchment paper into the pan and spray with cooking spray.
In a large saucepan or medium stock pot over medium heat, melt the butter. Add in the honey, heavy cream, and brown sugar and whisk to combine. Attach a candy thermometer to the side of the pan, making sure the tip of the thermometer isn't touching the bottom of the pan. This will ensure an accurate reading.
Once the mixture is bubbling, reduce the heat just a tad and let simmer for 20-30 minutes, whisking constantly, until the mixture reaches a temperature of 250 degrees F (121 degrees C).
Remove the pan from heat and add in the vanilla extract. Whisk to combine.
Pour the caramel into the prepared pan and place in the refrigerator for 3-4 hours, or until caramel has set.
Remove the pan from the fridge and take the caramel out of the pan. Place on a cutting board and cut into neat little squares (or rectangles if you want to wrap them in wax paper). Place the caramels in containers between layers of parchment paper to store. You can also freeze these caramels.