Using a double boiler, combine egg whites and sugar, whisking until sugar is completely dissolved, about 3 minutes.
Using an electric mixer, beat on high until mixture is completely cool, about 15 minutes.
Add butter, 1 tablespoon at a time, until completely incorporated.
Add vanilla and 2 drops of red food coloring to achieve pink color.
Before serving, add pinches of packaged cotton candy, about a handful total.