Using an electric mixer, beat the softened cream cheese, softened butter, and powdered sugar until smooth. Add the salt and vanilla and beat until combined. Scrape down the sides and the bottom of the bowl as needed.
Spread the cheesecake mixture on a serving dish.
Add the granulated sugar and water to a deep, heavy-bottomed saucepan. Heat over medium heat, gently swirling rather than stirring until the sugar syrup turns amber, about 15 minutes. Watch closely an remove it from the heat before it becomes dark or starts smoking.
With the pan off the heat, slowly stir in the heavy cream with a heatproof spatula. The mixture will bubble and steam vigorously. Make sure to keep your hands and face clear.
Once the vigorous bubbling subsides, spoon the caramel onto the top of the cheesecake mixture. Sprinkle with chopped pecans. Cover and refrigerate for at least 1 hour.
Allow the dip to stand at room temperature for about 10 minutes before serving with sliced apples, graham crackers or vanilla wafers.