Prepare the Cake Pans and Preheat the Oven - Preheat the oven to 350 degrees Fahrenheit. Spray the three cake pans with cooking spray.
Prepare the Cake Mix - In a large bowl, combine the cake mix, water, butter, and eggs. Beat with an electric mixer for two minutes, until the cake mix is just combined.
Bake the Cakes - Divide the batter evenly among all three cake pans. Bake for nearly 22-30 minutes, or until a toothpick inserted into the middle comes out clean. Allow the cakes to fully cool on a wire rack.
Melt Butter, Sugar, and Evaporated Milk for Caramel Filling - Using a medium saucepan, melt the butter, sugar, and evaporated milk on medium heat. Use a whisk to thoroughly stir the mixture. Bring the mixture to a boil and reduce the heat to medium-low, allowing it to simmer for 15 minutes without stirring.
Add the Vanilla - After 15 minutes, scrape the bottom of the pan. Continue to cook the mixture for 10 minutes, stirring regularly. Add in the vanilla, stirring until combined, then remove from heat.
Add in the Pecans - Add 1 1/2 cups of pecans into the caramel mixture. Stir and allow the praline to cool for five minutes.
Make the Cream Cheese Frosting - Using an electric mixer, beat the cream cheese and butter until smooth. With the mixer at low speed, slowly add in the powdered sugar until thoroughly mixed. Add in the vanilla, caramel and stir in 1/4 cup of pecans.
Assemble the 3-Layer Praline Cake with Caramel Cream Cheese Filling - Add a layer of cream cheese frosting to the cake followed by a layer of the praline cake filling. Repeat with each layer. Frost the top and sides of the cake with the cream cheese frosting and top with the remainder of the praline filling.