Preheat oven to 350°. Bake pecans and coconut in a single layer in a shallow pan 5 to 7 minutes or until lightly toasted and fragrant, stirring halfway through.
Cook evaporated milk and next 3 ingredients in a heavy 2-qt. saucepan over medium heat, stirring constantly, 8 to 10 minutes or until mixture bubbles and begins to thicken. Remove from heat, and stir in vanilla, pecans, and coconut. Serve immediately, or store in an airtight container in refrigerator up to 1 week.
To Reheat: Microwave syrup in a microwave-safe bowl at HIGH 10 to 15 seconds or just until warm; stir until smooth.