Heat oven to 350°F. Line 13x9-inch pan with foil, extending foil over edges; grease foil. In large bowl, combine all brownie ingredients; beat 50 strokes with spoon. Spread batter in greased foil-lined pan.
Bake at 350°F. for 33 to 35 minutes or until set. DO NOT OVERBAKE. Cool 45 minutes or until completely cooled. Cover with foil; freeze brownies 30 minutes.
Remove foil cover. Using foil pan liner, lift brownies from pan; place on cutting board. With 2 1/2-inch heart-shaped cookie cutter, cut out 14 brownie hearts.
Place frosting in microwave-safe measuring cup with pouring spout. Microwave on HIGH for 30 to 40 seconds or until pourable. DO NOT BOIL. To make pink glaze, add red food color to vanilla frosting; mix well.
Place brownie hearts on waxed paper. Carefully pour melted frosting over tops. Immediately sprinkle with candy sprinkles.