Heat pancake griddle to 375⁰F. In a medium bowl, combine the protein pancake mix and rainbow sprinkles.
Create a well in the middle of dry ingredients and add coconut milk, water and vanilla extract. Stir together with a whisk until smooth.
Pour 1/4 cup batter per pancake onto griddle; cook pancakes 1 3/4-2 minutes per side, or until golden brown.
Serve pancakes warm with a dollop of whipped cream, rainbow sprinkles and coconut flakes.