With an electric stand or hand mixer, beat together softened butter and peanut butter on medium to high speed until well combined, about 30 seconds. Add granulated sugar and honey and beat again on medium to high speed until combined. Beat in the egg and vanilla extract.
In a separate bowl, whisk together the flour, baking soda and baking powder. Stir the flour mixture into the peanut butter mixture on low.
Preheat the oven to 375 degrees, and place the dough in the refrigerator to chill while the oven preheats.
Using a medium cookie scoop, shape the dough into 1.5" balls and place on a parchment or Silpat-lined cookie sheet about 2 inches apart.
Bake at 375 degrees for approximately 9 minutes, until outer edges are just starting to brown. Let cool on the cookie sheet for about 3 minutes before transferring to a cooling rack.
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