Preheat oven to 300°. Beat sugar, butter, and vanilla at medium speed with an electric mixer 1 minute or until creamy. Add eggs, 1 at a time, beating just until yellow disappears. Add crushed vanilla wafers to butter mixture alternately with milk, beginning and ending with vanilla wafers; beat at low speed just until blended after each addition. Fold coconut and pecans. Pour into a greased and floured 13- x 9-inch pan. Bake 55 to 60 minutes or until a wooden pick inserted in center comes out clean.