Cook caramels, water and butter over low heat until caramels are melted. Set pan aside.
In a separate bowl, stir together eggs, sugar, vanilla and salt. Slowly add caramel mixture and chopped pecans. Pour mixture into pie crust. Arrange additional pecan halves on top of pie.
Bake at 350° for 35-40 minutes until pie is set. Cool before slicing. Refrigerate any leftovers.
Recipe adapted from Taste of Home.