Lightly grease an 8-inch square baking pan; set aside.
In a large bowl, stir the oats and rice cereal together; set aside. In a small saucepan, melt the brown sugar, honey, and butter together over medium-high heat until it begins to bubble. Reduce the heat to low and cook for 2 minutes. Remove from heat and stir in the vanilla extract.
Pour the melted mixture over the dry ingredients and mix well to moisten all ingredients. Pour the oat mixture into the prepared pan and press down to ensure that the ingredients are tightly compacted in the pan. Sprinkle the top evenly with the miniature chocolate chips and press down on the top lightly with the back of a spoon or a spatula.
Cool at room temperature for at least 2 hours, or until the chocolate chips are set before cutting into bars.
Wrap in plastic wrap (I used waxed paper) or keep in an airtight container and store at room temperature for up to 5 days.
Source: Brown Eyed Baker, who adapted it from Lauren's Latest