Beat cream cheese with an electric mixer until creamy. Add a little powdered sugar at a time, and beat slowly until incorporated. Mix in vanilla.

Spread cream cheese mixture into the pie crust. Refrigerate until firm, 15 to 30 minutes.

Meanwhile, combine 3/4 cup of the strawberries, sugar, water, and cornstarch in a blender. Blend lightly. Reserve remaining strawberries.

Pour blended strawberry mixture into a saucepan over medium heat; stir constantly until boiling. Stir for an additional 2 minutes once it boils; it should thicken very quickly. Remove from the heat and stir a few times while cooling, about 3 minutes.

Remove chilled pie from the refrigerator and arrange reserved strawberries on top of the cream cheese layer. Pour thickened sauce over top. Return to the refrigerator for at least 2 hours before serving.