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Sprinkle the gelatin over cold water in a small bowl and let it sit for 5 minutes until softened.
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Gently heat the gelatin mixture until fully dissolved, then stir in the corn syrup, glycerin, and vanilla extract. Remove from heat.
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Place the powdered sugar in a large bowl and make a well in the center. Pour the warm liquid mixture into the sugar.
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Stir with a spoon until it forms a sticky dough, then knead by hand on a lightly greased surface until smooth.
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Shape the fondant into a ball, coat lightly with shortening, wrap tightly in plastic wrap, and let it rest for 30 minutes before use.