Cream butter, peanut butter, and sugars together in large mixing bowl until light and fluffy. I use my stand mixer with the paddle attachment and beat on medium high speed, scraping the sides of the bowl several times.
Mix in eggs and vanilla, scraping sides at least once to fully incorporate.
In separate bowl, mix together flour, baking soda, baking powder, and salt. Slowly stir into peanut mixture, scraping down sides as needed to fully mix.
Stir in chocolate chips. If desired, reserve some of the chocolate chips to press into the tops of the cookies just before cooking, otherwise you can mix them all in.
Cover bowl and refrigerate at least one hour.
To bake cookies, preheat oven to 350 degrees F. Form 1-inch sized balls and roll in between hands to make smooth and dip tops in the remaining sugar. Set on parchment lined baking sheet with the sugar side up. Use a fork to gently flatten cookie, turning the fork 90 degrees to make a criss cross pattern. Once flattened, cookies will continue to spread a bit during the cooking process, so allow a couple inches in between each cookie.
Bake in preheated oven for about 8-10 minutes. When you remove them from the oven, they should still be pretty soft. As soon as you can lift them off the cookie sheet without them falling apart, transfer cookies to a cooling rack. Allow to fully cool before storing in an airtight container.
Recipe yields about 4 dozen cookies. Nutritional information based on a serving size of one cookie.