Remove pie crusts from the refrigerator and allow to come to room temperature while preparing the filling.
Combine the diced peaches, sugar, vanilla, and lemon juice in a medium bowl. Stir.
Set aside for approx. 10 minutes to allow juice to form.
Drain the peaches, reserving 1 tbsp. of the juice. Using a whisk, mix the cornstarch into the 1 tbsp. juice until smooth.
Add juice mixture into the peaches and stir lightly.
Unroll each pie crust onto a lightly floured surface. Using a 5-inch plate as a template, cut around the plate with a sharp knife to produce a pie crust circle. Continue cutting and rerolling crust when necessary until pie dough is all used. You should be able to get about 7-8 circles from the two crusts.
Place a heaping tbsp. of filling in the center of each crust. Brush edges of crusts with water and fold the dough over to form a half-circle. Using a fork, crimp the edges of the half-circle.
Using a sharp knife, cut three small slits into the top of each pie to allow steam to escape.
Spray the tops of each pie with a non-stick cooking spray. Also, spray the basket of your air fryer with the spray.
Place pies in the basket (cook as many at a time as will fit without touching) and cook at 350° for 13-15 minutes.
While pies are cooking, make the icing. Combine the powdered sugar and vanilla. Add enough of the milk to form a drizzle-thin consistency.
Remove pies from the fryer, cool and drizzle with the icing. If you prefer, you can sprinkle with sugar instead.