Place the cream cheese in the bowl of a stand mixer fitted with the paddle attachment and mix on low speed until smooth, about 2 minutes. Scrape down the sides and bottom of the bowl, add the sugar, and pulse on the lowest speed to combine. Scrape the seeds from the vanilla bean, add them to the mixture, and mix for 2 to 3 minutes, until completely smooth.
The frosting can be used at this point or refrigerated for up to 3 days. If it has been refrigerated, let it sit at room temperature until just cool to the touch, then transfer to a mixer fitted with the paddle attachment and beat until smooth