In a large mixing bowl, combine softened cream cheese, creamy peanut butter, and powdered sugar. Beat on medium speed for about 2 minutes until smooth.

Gently fold the whipped topping into the peanut butter mixture using a spatula for about 1 minute until well combined.

Carefully spoon the creamy filling into the graham cracker crust and smooth the top.

Cover the pie with plastic wrap and chill in the refrigerator for at least 2 hours to set.

Remove from refrigerator, slice into wedges, and garnish with additional whipped topping and crushed peanuts if desired.