Combine the rolled oats and protein powder in a large mixing bowl, stirring until evenly distributed and free of lumps.
Add the peanut butter and honey to the dry mixture and stir with a spatula until the mixture begins to come together and is slightly sticky.
Fold in the mini sprinkles, distributing them evenly throughout the dough without overmixing, so they stay colorful and vibrant.
Use your hands to scoop out small amounts of the mixture and roll them into 1-inch balls, pressing gently to create a uniform shape.
Place the formed balls onto a baking sheet or plate lined with parchment paper for easy cleanup.
Refrigerate the protein balls for at least 30 minutes to help them set and improve their chewy texture.
Once chilled, serve the protein balls straight from the fridge as a quick, sweet snack with a cake batter flavor and satisfying bite.