Spray an 8” x 8” baking pan with non-stick spray or grease it well with vegetable oil.
In the bowl of an electric mixer, sprinkle the gelatin over ½ cup cold water. Soak for 10 minutes.
Meanwhile, combine the sugar, corn syrup and remaining ¼ cup of water in a small saucepan. Bring to a boil and boil hard for 1 minute.
Pour the boiling syrup into the gelatin mixture and mix at high speed. Add the salt and beat for 10 to 12 minutes.
Add the peppermint extract and pink food colouring, and incorporate it into the mixture.
Lightly oil a spatula and scrape the mixture into the prepared baking pan. Cover tightly with plastic wrap and let the marshmallows set for a minimum of 2 hours.
Cut into 16, 25, or 36 pieces, depending on what size of marshmallows you desire. Toss the cut pieces with powdered sugar, coating all sides evenly. Shake off the excess and store in a lidded container for up to one week.