In a large 8-quart punch bowl, combine orange juice and vanilla extract. Stir to blend. Add scoops of orange sherbet on top of the juice mixture, allowing them to float and partially melt for a frothy texture. Pour in club soda or sparkling water gently to add a bit of fizz. Garnish with fresh orange slices around the edges of the punch. Serve with a ladle, pouring into glasses. Add a small scoop of sherbet and a slice of orange to each glass for a festive touch.