World's Best Caramel Pecan Pie

1 (14 0z) bag caramels (Kraft brand preferred)
1/4 Cup water
1/4 unsalted butter
3/4 Cup granulated sugar
3 eggs, beaten
1/8 tsp salt
1 tsp vanilla
1 1/2 cups chopped, toasted pecans (reserve 12 pecan halves for decoration)
1 deep dish 9- or 10-inch unbaked pie shell
Heat oven to 350 degrees. Unwrap exactly 36 caramels; save rest for another use.
In a heavy medium-sized saucepan, melt 36 caramels, water and butter together over medium-low heat, stirring often until smooth. Remove from heat. In a separate bowl, mix sugar, eggs, salt and vanilla and stir until well combined. Pour egg mixture into caramel mixture, stirring quickly and constantly so eggs don't scramble until well blended. Stir in chopped nuts and pour into prepared pie shell. If you have saved 12 pecan halves, place them decoratively around the perimeter.
Bake for 45-50 minutes until a knife tip comes out clean when inserted near the center. Remove from oven and cool on a rack. It is best served just slightly warm, or at room temperature.