Separate the egg yolks and egg whites into two clean bowls.
In the bowl with the egg yolks, whisk together the yolks, milk, and vanilla extract until smooth.
Sift the all-purpose flour and baking powder into the egg yolk mixture. Whisk until fully combined and no lumps remain.
Using a hand mixer or stand mixer, beat the egg whites until frothy. Gradually add the granulated sugar while beating, and continue until stiff peaks form.
Gently fold the beaten egg whites into the egg yolk batter in three additions. Be careful not to deflate the mixture and fold until just combined.
Preheat a non-stick pan over the lowest heat setting. Lightly grease the pan with butter.
Spoon the batter onto the pan to form tall mounds. Use about 1/3 cup of batter per pancake and stack it upwards to create height.
Cover the pan with a lid and cook for 4-5 minutes on low heat until the bottoms are golden and the tops look slightly set.
Using a spatula, carefully flip the pancakes and cook for another 4-5 minutes on the other side, still covered.
Remove the pancakes from the pan and dust with powdered sugar if desired. Serve warm with maple syrup, whipped cream, or your favorite toppings.
Notes
For best results, use a non-stick pan and keep the heat very low to prevent burning. You can also use ring molds to help the pancakes hold their shape.