Beat condensed milk and peanut butter at medium speed with an electric mixer until creamy. Add baking mix and vanilla, beating at low speed just until blended.
Shape dough into 1-inch balls; roll in sugar. Place on lightly greased baking sheets.
Bake at 350° for 11 minutes. Remove from oven, and immediately place a chocolate kiss in center of each cookie. Remove cookies to wire racks to cool.