Add the water to a microwave-safe bowl and sprinkle gelatin on top. Rest for 3 to 4 minutes.
Microwave the gelatin mixture for a few seconds until the gelatin is fully dissolved. Stir and then set aside to cool slightly.
In the bowl of a stand mixer fitted with the whisk attachment, combine heavy cream, powdered sugar and vanilla.
Whip the cream at high speed until soft peaks form, then turn the mixer to low and slowly pour in the gelatin mixture.
Mix until well combined, then increase the speed to medium and continue to whip the cream until stiff peaks form.
Pipe the whipped cream on your favorite dessert or use it as a frosting.
Refrigerate until ready to serve. Stabilized whipped cream will hold its shape for days.