In a large bowl, stir together quick cooking oats and crispy rice cereal. Set aside.
In a heatproof bowl or Pyrex measuring cup, stir together butter, honey and brown sugar. Microwave until it starts boiling (about 2 minutes with my low-wattage microwave, could be sooner for you). Once it begins to boil, let boil for 1 more minute in the microwave. Remove from microwave and stir in peanut butter and vanilla until smooth.
Pour hot honey mixture over dry ingredients and mix until thoroughly combined. Pour into a lightly greased 8x8 pan and let sit at room temperature for about 2 hours or in the refrigerator for a half hour or until set. Cut into 10 bars and store tightly wrapped in plastic wrap or in a tupperware.