Line a 9×13-inch baking dish with parchment paper, allowing some overhang on the sides. Lightly spray the parchment with nonstick cooking spray to ensure easy removal.
In the bowl of a stand mixer, add 1 cup of ice-cold water. Sprinkle the gelatin evenly over the water and whisk gently. Place the bowl on the mixer fitted with the whisk attachment and let it sit for 5 minutes to hydrate and bloom.
In a large heavy-bottomed saucepan, combine the remaining cold water, sugar, and corn syrup. Cook over medium-high heat, stirring constantly until the sugar has fully dissolved. Once dissolved, stop stirring and let the syrup continue boiling until it reaches 252°F on a candy thermometer.
Remove the pan from the heat and let the syrup cool just until it reaches 212°F.
With the mixer on low speed, carefully pour the hot syrup into the bloomed gelatin. Mix on low for about 30 seconds until combined, then increase the mixer speed to high. Beat on high for 11–13 minutes, until the mixture is thick, glossy, and nearly tripled in volume.
Add the vanilla extract and mix for another 10 seconds to incorporate.
Lightly spray a spatula with nonstick cooking spray. Pour the marshmallow mixture into the prepared pan and smooth the top evenly.
Pour the warmed caramel over the marshmallow mixture. Use a knife or offset spatula to create large, visible swirls without overmixing.
Sprinkle flaky salt evenly over the top.
Let the marshmallows sit at room temperature, uncovered, for at least 4 hours or overnight, until fully set and firm to the touch.
When the marshmallows are ready, mix the confectioners' sugar with the cornstarch in a small bowl.
Dust a pizza cutter with the mixture before cutting, and dredge each cut side of the marshmallows in the mixture to prevent sticking.
Store in an airtight container at room temperature for up to 3-5 days