LINE a large (13 x 9-inch) pan with aluminum foil and spray with no-stick cooking spray or line with parchment paper.
COMBINE sugar, butter and evaporated milk in a large saucepan on medium heat, stirring constantly, until mixture comes to a boil. Reduce heat and simmer 5 minutes, stirring constantly. Remove from heat.
ADD peanut butter. Stir with a spatula until well blended. Add marshmallow creme and vanilla. Beat with a spoon or hand mixer until well blended. Spread in the prepared pan. Cool. Remove fudge from the pan, then remove the foil or parchment. Cut into candy-sized pieces.
