1. Spray a 9x13" pan with non-stick spray, and set aside.
2. Add sugar, honey, salt, and hot water into a small to medium sized sauce pan.
3. In a mixing bowl of an electric mixer, add 3/4 cup of the cold water and the gelatin. Set aside and allow to bloom.
4. Using a candy thermometer, boil the sugar mixture until it reaches 240F (about 15 minutes).
5. Slowly pour the hot sugar syrup mixture into the mixing bowl, and start on a low speed. Add in the peppermint extract. Slowly increase the speed of the mixer over the next couple minutes, until you turn it to high speed (about 6-8 minutes). Fold in the red sprinkles, to create a fun "peppermint" effect in the marshmallows.
6. Pour the batter into the prepared pan with a spatula, and spread out to fill out the entire pan. Optional: take small drops of red gel food coloring and swirl around the top of the batter with a toothpick to create a marbled look of peppermint swirls.
7. You can place the finished batch into the refrigerator, to speed up the setting process, for about an hour.
8. Take the pan out, and let it come to temperature a bit. Turn over the pan to release the firmed marshmallow slab. Using a greased knife, or cookie cutter, cut the marshmallow into the size and shape you desire.
9. Toss in a bowl with the confectioners sugar, to make the marshmallows less sticky.
10. You can dip in chocolate and decorate with peppermint for a fun and delicious bonus.
11. Keep in an air-tight container for up to 3 weeks.