Place cream cheese, powdered sugar and vanilla in a bowl and beat with an electric mixer until smooth.
Gently fold in the Cool Whip and spread the filling into the pie crust.
Place the peach jelly into a microwaveable bowl and microwave on high for about 30 seconds.
Stir in the peach juice and lemon juice.
Add the peach slices and toss to combine.
Arrange the peaches on top of the pie.
Chill for at least 3 hours before serving.