Beat the cream cheese and sugar together in a mixing bowl until smooth and creamy, about 2-3 minutes.
Fold in the whipped topping and vanilla extract gently until everything is well combined.
Combine the mini marshmallows, pineapple chunks, mandarin oranges, and shredded coconut in a large bowl.
Gently fold in the cheesecake dressing with the fruit mixture until all ingredients are evenly coated.
Transfer the salad to a serving dish and refrigerate for at least 30 minutes before serving.
Serve chilled and enjoy this tropical delight at your summer gatherings!