Line an 8-inch x 8-inch pan with parchment paper, leaving an overhang.
Remove the top and the foil covering from the can of frosting and place the can in the microwave for 45 seconds to 1 minute, or until fully melted and smooth. Timing may vary based on the wattage of your microwave.
Add the extract to the frosting and stir until blended.
Place the red candy melts in a microwave-safe bowl and microwave on 50% power for 1 minute. Stir and return to the microwave in 30 second intervals, stirring after each interval, until candy melts are melted and smooth.
Place the pink candy melts in a microwave-safe bowl and microwave on 50% power for 1 minute. Stir and return to the microwave in 30 second intervals, stirring after each interval, until candy melts are melted and smooth.
Combine half of the melted frosting and the red candy melts and stir until blended.
Combine the remaining half of the melted frosting with the pink candy melts and stir until blended.
Pour some of the red color into the prepared pan and then some of the pink color into the pan, alternating colors, swirling with a toothpick and then tapping the pan to remove any air bubbles. Let set for about 5 minutes, then repeat with the remaining red and pink colors, making a 2nd layer over the first layer.
Sprinkle the top of the fudge with valentine non-pareils.
Refrigerate for 2 hours or until firm.
Cut into 16 pieces.