In the bowl of a food processor, process wafer cookies and toasted pecans until finely ground. Set aside. (You may have to do this batches.)
In a large bowl, sift together 1 cup powdered sugar and salt.
Stir together rum, cherry juice and honey in a small bowl, add to powdered sugar mixture and stir to combine.
Add vanilla wafer and pecan mixture to sugar mixture. Stir to mix well.
Chill in the refrigerator for 30 minutes.
Scoop out tablespoon portions, press your thumb into the ball of dough to make a space for the maraschino cherry half.
Press the dough over the cherry half to completely cover it. (you may need to use a bit of extra rum ball mixture to cover the cherry if it is on the larger side)
Shape into balls and toss to coat in granulated sugar.
Place on parchment lined baking sheet, cover with plastic wrap and refrigerate for at least 1 hour before serving.