Preheat the oven to 350°F. Spritz a 9 or 10 inch deep dish pie plate with cooking spray.
Toss together the vanilla wafer crumbs, granulated sugar and melted butter.
Press firmly onto the bottom and sides of he pie dish.
Bake for 15 minutes until golden and set. Cool completely.
To prepare the filling: In the bowl of a stand mixer, whip together the softened cream cheese, powdered sugar and vanilla extract for 1-2 minutes until fluffy.
Add the sweetened condensed milk, lemon juice, and lemon zest whipping until fully combined and smooth. The color of the filling is more ivory than pure yellow. Add a few drops of yellow food coloring, if desired.
Pour into the cooled crust and spread evenly.
Chill thoroughly at least 6 hours prior to cutting and serving.
Garnish with fresh cream or whipped topping and lemon slices.