In a large bowl, combine the walnuts, brown sugar and cinnamon; set aside. Brush a 9-in. pie plate with some of the butter; set aside.
Unroll phyllo dough; keep covered with plastic wrap and a damp towel to prevent it from drying out. Layer eight sheets of phyllo in prepared pan, brushing each layer with butter and rotating sheets to cover the pie plate. Let edges of dough hang over sides. Sprinkle a third of the nut mixture onto the bottom.
Layer four sheets of phyllo over nut mixture in the same manner; sprinkle with a third of the nut mixture. Repeat these last two steps. Top with an additional eight sheets of phyllo, again brushing with butter and rotating sheets. Fold ends of phyllo up over top of pie; brush with butter.
Using a sharp knife, cut into eight wedges. Cut 1-2 additional sheets of phyllo into thin strips, rolling into rose shapes if desired; arrange decoratively over top. (Save remaining phyllo for another use.) Bake at 350° for 40-45 minutes or until golden brown.
Meanwhile, in a saucepan, combine the sugar, water and honey; bring to a boil. Reduce heat; simmer, uncovered, for 10 minutes. Add vanilla. Pour over warm pie. Cool on a wire rack. Refrigerate leftovers.