Line 8x8 glass baking dish with plastic wrap. Set aside.
In a large bowl, mix cream cheese and sugar together until smooth. Add in heavy cream, salt and vanilla and whip until thick and fluffy, about 3 minutes.
For the Salted Caramel Sauce
Heat sugar and water in a small saucepan over medium heat to melt the sugar. Continue cooking and swirling sugar until it turns amber in color.
Whisk in sea salt and heavy cream. The mixture will bubble up violently briefly. Continue whisking until sauce is smooth. Stir in butter and vanilla.
Assemble
Spread 16 ritz crackers across the bottom in 3 straight lines. Add on 1/3 of the cream cheese mixture.
Drizzle over 1/3 cup caramel sauce and repeat these layers again as follows: 16 crackers, 1/3 cream cheese mixture, 1/3 cup caramel sauce, 16 crackers, final amount of cream cheese mixture.
Cover and refrigerate 12 hours or overnight. To serve, cut into pieces and top with whipped cream and more caramel sauce.