In a large bowl, combine the pineapple chunks, maraschino cherries, mini marshmallows, sweetened flaked coconut, and chopped pecans or walnuts if using.
In another bowl, mix the cream cheese, powdered sugar, and vanilla extract until smooth. Fold in the whipped topping until well combined.
Gently fold the cream cheese mixture into the fruit mixture until evenly coated. Serve chilled.
Notes
This salad can be made a few hours in advance. Keep it covered in the refrigerator until ready to serve.