Using a stand mixer or hand mixer, beat ricotta, cream cheese, and powdered sugar on medium-high speed until smooth, about 3-5 minutes. Add in vanilla extract and whip for another 30 seconds.
Taste test the dip - if you'd like it sweeter, add more powdered sugar, about 2 tablespoons at a time. You can add up to another 1/2 cup of powdered sugar.
Add in the mini chocolate chips, reserving some to sprinkle on top.
Serve dip immediately with broken waffle cones wand wafer cookies for dipping.