Prepare your pie dish or spring form pan. If using a standard 9 inch pie dish, spray the bottom and sides with baking spray. If using a spring form pan you can also spray the bottom with baking spray or line the inside with parchment paper (that's what I do). Set pie dish/pan aside.
Using a food processor, pulse cereal until it resembles fine crumbs, this literally takes seconds, the cereal breaks down very quickly. Pour crumbs into a measure cup and fill until you have 2 cups worth of cereal crumbs. Add cereal crumbs and melted butter into a bowl and mix until the crumbs are wet. Pour crumb/butter mixture into the bottom of your pie dish or spring form pan and press against the bottom of the pan using a spatula or back of a spoon to form a pie crust. Set crust aside.
In a large mixing bowl beat cream cheese on medium speed for 2 or 3 minutes. Scrape down the sides on the bowl and add in powdered sugar, mixing until sugar is combined with the cream cheese. Add in vanilla extract and mix. Stop and scrape down the sides of the bowl and then add in strawberry milk powder. Mix on medium speed for a few minutes until thoroughly combined. Mixture will be bright/dark pink. Scrape down the sides of the bowl as needed and slowly add in the cool whip. Continue to mix on medium speed until thoroughly combined, the mixture should be light pink, and have a smooth, whipped texture.
Pour pie filling over the cereal crust and smooth over the entire crust. Wrap pie dish with plastic wrap and let the pie chill in the refrigerator for at least 4-6 hours or up to over night.
When your ready to serve your pie, if using cool whip take it out of the freezer and allow it to thaw until it is easily scooped or spread with a spatula. Take pie out of the refrigerator and spread cool whip (or you can use whipped cream) over the top of the pie. To get the pie to look as in the pictures, don't fully spread the cool whip over the whole pie, leave about an inch from the rim so the pink pie filling is still visible. Garnish with sprinkles and crushed cereal.
Cut into slices and serve!