Line a 9x9-inch pan with parchment paper.
Whisk powdered sugar, powdered milk, and salt in a large bowl. Set aside.
Combine butter, corn syrup, and granulated sugar in a saucepan over medium heat. Cook, stirring constantly, until mixture just begins to boil, about 3 minutes.
Remove from heat and stir in vanilla extract.
Pour mixture into dry ingredients and stir until mixture clumps, then comes together in a solid ball. If needed, you can use a stand mixer for this.
Spread mixture in prepared pan. Let sit 15 minutes.
Cut candy into 4 equal strips then cut crosswise in middle, creating 8 pieces. Shape each piece into a 4 1/2- to 5-inch-long log and wrap in wax or parchment paper. Freeze until firm, about 1 hour (or up to 1 month).
Melt caramel, cream, and butter in top of a double boiler over medium. Place chopped pecans on a rimmed baking sheet. Unwrap frozen candy logs. Carefully dip each log into hot caramel, letting excess drip off. Roll in chopped pecans until evenly coated. Wrap in parchment paper or wax paper, and store in an airtight container at room temperature up to 5 days or freeze for up to 1 month.