Stir vanilla into pancake batter. Divide batter evenly into 4 bowls. Tint each bowl a different color. Stir 20 drops (about 1/4 teaspoon) red food color into one bowl. Stir 15 drops green food color into second bowl. Stir 15 drops blue food color into third bowl. Stir 10 drops yellow food color into last bowl.
Pour 2 tablespoons of batter per pancake onto preheated lightly greased griddle or skillet. Cook 1 minute per side, turning when pancakes begin to bubble.
Serve rainbow pancakes with butter and maple syrup or sprinkle with confectioners’ sugar, as desired.