Melt butter in a large non-stick pan over medium heat.
Mix in the buttermilk (prepare the powdered buttermilk by adding the correct amount of water as instructed on the container).
Add sugar to the mixture.
Boil for 60 seconds and remove the pan from heat.
Add vanilla and baking soda to the mixture, and whisk the ingredients together. Be aware that the mixture will bubble and expand rapidly once you add the baking soda, so watch it closely.
Keep whisking the mixture until the bubbles dissipate. The syrup will be stickier, similar to caramel.
Pour the syrup over pancakes, waffles, or other dishes, and enjoy!