Combine water, sugar, pumpkin, and pumpkin pie spice in a saucepan over medium heat.
Bring mixture to a boil, stirring frequently.
Reduce heat to a simmer. Continue to simmer while sugar dissolves. Keep stirring frequently.
Add in vanilla extract and allow to simmer for another 3 or so minutes. This will allow the alcohol flavor to cook out. Remove from heat and allow to cool.
Use a fine mesh strainer to get all of the pumpkin bits out. Repeat this process twice if necessary.
Store in a glass bottle or jar in the fridge.