You are here: Home » Recipes » Caramel Sauce Caramel Sauce Recipe by Relish ContributorKitchen Tested Yield 8 servings A nonfat caramel sauce for icecream or cake. PrintEmail Ingredients 1/2 cup water1/3 cup light brown sugar1 teaspoon vanilla extract2 teaspoons cornstarch1 (5-ounce) can evaporated skimmed milk Instructions In a heavy, small saucepan, heat water and brown sugar over low heat until sugar dissolves. Increase heat and bring to a boil without stirring until sugar mixture turns deep golden brown, about 2 minutes. Reduce heat and stir in vanilla. Combine cornstarch and evaporated milk in a small bowl to make a thin paste and stir into sauce. Cook until sauce is slightly thickened.