PLACE sheet of parchment paper 24 inches long on flat surface, such as a baking sheet or countertop.
COMBINE sugar, butter, milk and cocoa powder in a large saucepan; cook over medium heat, stirring occasionally, until smooth. Boil rapidly for 1 to 2 minutes. Remove from heat. Stir in oats, peanut butter and vanilla extract.
STIR Raisinets and peanuts into warm mixture until well combined.
DROP by rounded tablespoon onto parchment paper. Cool for about 20 minutes or until set. Sprinkle with powdered sugar.