Rose extract is made similar to vanilla extract by infusing it with vodka for a certain amount of time. To make rose water, you just infuse water with as many rose petals as you would like depending how strong you want your flavor, then you leave it to sit for a few days to weeks. If you are substituting one or the other, remember that rose extract is more potent, so use 1 teaspoon of extract for about every 2 tablespoons of rose water.