Using a stand mixer (or hand mixer + large bowl), whisk together 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 2 tablespoons at a time. You can safely add another 1/2 cup of powdered sugar (8 tablespoons) without negatively impacting consistency.
Fold in mini chocolate chips, reserving some to sprinkle on top for decoration if desired.
Serve dip immediately with broken waffle cones for dipping.