Split and open the vanilla bean pod down the center lengthwise with a knife. Using the backside of the same knife, scrape the seeds out.
Add the water, sugar, and vanilla bean pod scrapings into a large saucepan over medium-low heat. Stir to combine.
Add the strawberries to the sugar water and simmer, stirring occasionally, for 30-45 minutes.
Remove from the heat and let it sit until cool.
Pour the mixture through a fine strainer and mash the berries against the strainer with a spoon to get every little bit of juice out of them; discard the pulp.
Pour the sauce into a serving container and enjoy on pancakes, French toast, waffles, or crepes. It's also delicious when added to sparkling water.
Store the remaining syrup in an air-tight container in the refrigerator.