In a small bowl, sprinkle the gelatin over 1/4 cup water. Let it sit for 5 minutes to bloom.

In a medium saucepan, combine the remaining 1/4 cup water, sugar, corn syrup, and salt. Bring to a simmer over medium heat, stirring occasionally until the sugar dissolves.

Once simmering, bring the syrup to a boil. Attach a candy thermometer and boil until the syrup reaches 240°F (115°C), about 7-10 minutes.

While the syrup boils, microwave the bloomed gelatin for 10-15 seconds to dissolve it.

Once the syrup reaches the correct temperature, slowly pour it into the bowl of a stand mixer with the dissolved gelatin. Mix on low speed, then increase to high speed, whipping for 10-15 minutes until the mixture becomes thick and fluffy.

Add the vanilla extract, cotton candy flavoring, and pink food coloring. Mix until fully combined.

Pour the marshmallow mixture into a greased 9×9-inch pan and smooth the top. Let it sit at room temperature for 6 hours or overnight to set.

Dust with powdered sugar and cut into squares.