Combine cool whip, sour cream, and vanilla in a large mixing bowl; whisk until completely incorporated.
Using a rubber spatula, fold in the remaining ingredients.
Cover the bowl with plastic wrap or a lid and refrigerate overnight.
Garnish with chopped pecans and stemmed maraschino cherries.
Serve.
Notes
Make sure to drain all of the fruit very well so the Ambrosia Salad doesn’t turn out watery. I recommend draining the fruits in a colander for about 30 minutes and then lightly pat dry the fruits with paper towels.
Refrigerate the salad for 4 hours, or for best results, chill it overnight. If you don’t have enough time, chill it for at least one hour before serving.
You can use dairy-free and sugar-free substitutes for the whipped topping and the sour cream.