Process figs, hazelnuts and vanilla wafers in food processor until finely ground. Add powdered sugar, rum and orange peel; process until mixed. Dampen hands and shape mixture into 1 1/4-inch balls. Arrange close together on a baking sheet or wire rack.
In small, deep, microwave-safe bowl, heat chocolate on HIGH 1-2 minutes, stirring after 1 minute. Add a few drops of vegetable oil if needed to make chocolate thin enough to drizzle. Dip the tips of a fork in the chocolate and quickly drizzle over the fig balls, or dip each ball in chocolate. Refrigerate until chocolate is set. Store in airtight container up to 1 week.