In a small bowl cream together the butter and the sugar. Add the eggs and vanilla. Mix in the flour until the dough is just combined.
Spread the dough into a jelly-roll pan. Place the pan in the freezer for 10 minutes or until the dough is firm.
While the crust is freezing, preheat the oven to 350° Fahrenhiet. Bake the crust for 10-14 minutes or until it is a light golden brown.
Let the crust cool to room temperature.
In a small bowl combine the cream cheese and the powdered sugar, mixing until smooth.
Spread the cream cheese filling on the cooled crust.
In a small sauce pan combine the pureed peaches, lemon juice, water, sugar, and cornstarch. Let the mixture come to a boil stirring constantly. Remove the glaze from the heat when it is translucent and bubbly. Let the glaze cool to room temperature.
Peel and slice the peaches and layer onto the crust. Pour the glaze over the top of the peaches.
Let the pie set in the refrigerator for at least one hour.
The pie will keep in the refrigerator for up to 4 days.