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1. Line a 13x9x2-inch pan with foil. Lightly coat the foil with cooking spray; set aside. In a large mixing bowl, stir together powdered sugar, peanut butter, and melted butter. Stir in 2 cups crushed pretzels. Press mixture firmly into the bottom of prepared pan.
2. In a heavy medium saucepan, combine butterscotch pieces and whipping cream. Stir over low heat until pieces are just melted.
3. Carefully spoon and spread butterscotch mixture over crumb mixture in pan. Sprinkle 1/2 cup coarsely crushed pretzels and the peanuts evenly over butterscotch mixture; press gently.
4. Cover and chill for at least 2 hours. Cut into bars to serve. Store in refrigerator for up to 1 week.