1. Preheat oven to 350°. Bake pecans in a single layer in a shallow pan 8 to 10 minutes or until toasted and fragrant, stirring halfway through. Cool completely (about 20 minutes).
2. Meanwhile, cook evaporated milk, sugar, butter, and egg yolks in a heavy 3-qt. saucepan over medium heat, stirring constantly, 3 to 4 minutes or until butter melts and sugar dissolves. Cook, stirring constantly, 12 to 14 minutes or until mixture becomes a light caramel color, is bubbling, and reaches a pudding-like thickness.
3. Remove pan from heat; stir in coconut, vanilla, and pecans. Transfer mixture to a bowl. Let stand, stirring occasionally, 45 minutes or until cooled and spreading consistency.