In a small, microwave-safe bowl, combine unflavored gelatin and water. Mix to combine and set aside for 5 minutes.
In the bowl of a stand mixer or large mixing bowl, add in heavy cream, powdered sugar, and vanilla extract.
Using a stand mixer fitted with a whisk attachment or an electric hand mixer, mix the cream mixture on low speed. Slowly turn the mixer to medium speed and whip until soft peaks form.
Place the bowl with the bloomed gelatin in the microwave and heat for about 15-20 seconds until the gelatin is dissolved.
With the mixer on medium speed, slowly drizzle in the gelatin mixture.
Turn the mixer to medium-high speed and whip until stiff peaks form. Scrape the sides and bottom of the bowl occasionally to ensure that all of the cream is incorporated. Do not overmix.
Use the stabilized whipped cream frosting to ice cakes and cupcake immediately.