Preheat the air fryer to 400 degrees F (200 degrees C).

Line the air fryer basket with parchment paper. Spray parchment paper with cooking spray.

Mix pancake mix and water together in a bowl until well combined.

Dip each cookie into pancake mixture and place in the prepared basket, making sure they are not touching; cook in batches if necessary.

Cook in the preheated air fryer for 4 to 5 minutes; flip cookies and cook until golden brown, 2 to 3 minutes more.

Remove from air fryer and place on cooling rack.

Sprinkle with confectioners' sugar.