Preheat oven to 350 degrees F. Line twenty-four 1 3/4-inch muffin cups with paper bake cups. Sprinkle 1 teaspoon of the crushed vanilla wafers into each muffin cup; set aside.
In a medium mixing bowl beat cream cheese, sugar, and vanilla with an electric mixer on medium speed until smooth. Add egg; beat just until combined. Stir in 1/4 cup of the caramel topping. Spoon batter over the crushed wafers in each muffin cup. Bake for 12 to 15 minutes or until filling is set.
Cool mini cheesecakes in muffin cups on a wire rack for 1 hour. Remove cheesecakes from muffin cups. Chill for up to 4 hours. Before serving, drizzle cheesecakes with the remaining caramel topping.