Combine crushed pretzels, cranberries and walnuts in large mixing bowl. Stir sweetened condensed milk, butter and vanilla in medium bowl until blended and pour over pretzel mixture. Stir until mixture is combined. Allow mixture to set 10 minutes. This allows the mixture to become more workable to roll into balls.
Roll dough into Tablespoon sized balls and place on a cookie sheet. Chill one hour and then roll in powdered sugar. Serve in small paper or foil candy cups.