In medium bowl, beat cream cheese and butter with electric mixer on medium speed until creamy. On low speed, beat in 1 1/2 teaspoons vanilla until well blended. Beat in powdered sugar, 1 cup at a time, until smooth. If necessary, add milk, 1/2 teaspoon at a time, until frosting is desired consistency. Spread frosting between cake layers and on top. Sprinkle with pecans.