Preheat oven to 325 degrees F. Spray 10-cup tube pan generously with nonstick spray (I like the Pam Baking Spray).
Prepare cake: In a medium bowl, whisk together flour, baking powder, and salt; set aside. In a large bowl, use an electric mixer to cream together peanut butter and butter. Add sugar and beat an additional 5 minutes. Add eggs and vanilla; beat until well combined. Add dry ingredients a little at a time, beating just until incorporated. Stir in chocolate chips. Scrape batter into prepared tube pan. Tap it a couple of times on the counter to shake out any hidden air pockets.
Bake 1 hour and 20 minutes, checking on the cake at 1 hour to make sure it's not browning too quickly on top. If browning too quickly, just place a piece of foil loosely over the top of the pan. When a toothpick is inserted into the center of the cake and comes out clean, your cake is done. Let cool for 20 minutes, then flip it onto a rack or platter and let it cool completely.
Prepare glaze: In a medium bowl, whisk together powdered sugar, milk, peanut butter and vanilla until smooth. Drizzle glaze over the top of the cooled cake, letting it drizzle down the sides. Sprinkle chocolate chips on top. The glaze will set eventually- if you'd like to quicken the setting process, just place it into the refrigerator for a bit.