In a large mixing bowl, combine the crushed vanilla wafers, confectioners’ sugar, ground pecans, and baking cocoa. Stir thoroughly to ensure the dry ingredients are evenly distributed.
In a separate smaller bowl, whisk together the dark rum, honey, and water until well blended. Pour the liquid mixture into the dry ingredients, stirring until the mixture forms a moist, crumbly dough.
Using your hands, shape the dough into 1-inch balls, rolling them gently to maintain their shape. Coat each ball in powdered sugar or sprinkles, ensuring an even layer.
Place the finished rum balls on a tray or plate and chill in the refrigerator for at least 30 minutes, or until they firm up. Serve chilled or store in an airtight container for later enjoyment.