Prepare and cook red velvet cake per box directions.
In a large bowl using a hand mixer, beat cream cheese and powdered sugar until light and fluffy. Add milk and vanilla and beat until stiff peaks form.
Line a large baking sheet with parchment. Using a small cookie scoop, scoop cream cheese mixture into balls and place onto the prepared baking sheet. Transfer to the freezer to chill, 1 hour, or until easy to handle.
Remove cake from the oven, let it fully cool. Cut in half, place one half into a large bowl, and use the other half to snack on or save for later.
Turn into crumbs the cake half that you placed in the bowl.
Once chilled, roll balls in red velvet cake crumbs until fully coated, then return to the prepared baking sheet.
Refrigerate for about 1 hour or until ready to serve.