Split vanilla bean and scrape out seeds. Add pomegranate seeds, water, sugar, vanilla bean, and vanilla bean seeds to a pot. Bring to a boil, then reduce heat to low and let simmer for 20 min., stirring occasionally.
Strain syrup over a sieve. With a rubber spatula, press out juice from pomegranate seeds. Let cool, then transfer to a bottle. Store in the refrigerator for up to 4 weeks. Enjoy in a variety of cocktails and non-alcoholic drinks!