First of all, I suggest reading through our other questions on meringues and general egg-beating, to rule out any issues with your technique regardless of sugar content:
There are more, but I'm going to stop here - there's already so much about the subject on this site that I'm not going to waste any more time going into details about that. Suffice it to say, make sure you're using the right eggs, the right equipment, and the right ingredients, and doing things in the right order.
More specific to this question, however, is the fact that the sugar in a meringue is not just to make it sweeter. Sugar is a stabilizer; it is a critical ingredient in a meringue, and regardless of what Splenda and its recipes may say, it's not a perfect substitute for sugar.
Most Splenda recipes I've seen still use some sugar (preferably superfine), just less of it. Every little bit helps and you don't need that much. If you're not going to use any sugar then you'd better use some other stabilizer like corn starch, otherwise it's simply not going to be stable (unless, maybe, you've done everything else absolutely perfectly).
By your description, it also sounds possible that you might be rushing through it; "soft peaks" should be fairly smooth, not foamy or bubbly, like so:
If you don't beat long enough to get soft peaks, or if you start adding the "sugar" too quickly, it will collapse. I prefer to err on the side of firm peaks, it doesn't change the end result too much and there's less risk of a collapse. On the other hand, if you massively overdo it (i.e. try to get it all the way to stiff peaks) without any stabilizer, then it almost certainly will collapse, and once it does, you cannot recover it, it's like trying to blow up a balloon that has already burst.
So, to summarize: Try to use some sugar, or at least some starch as a stabilizer once the peaks firm up. Make sure your peaks are somewhere between soft and firm before adding your sweetener/stabilizers - not earlier, not later; and add them slowly enough to properly incorporate - you don't want to see any crystals or bubbles at that point.
(From what I can tell, your meringues failed long before the piping stage, and it definitely wasn't the vanilla's fault.)
Best Answer
Technically, the minimum ratio of sugar is zero. You can definitely create a stable meringue without any sugar at all, although you'll have to mind your conditions and preparation - use a spotlessly-clean bowl, room-temperature egg whites (separated when chilled), initially foamed up on low speed with an acid such as vinegar or cream of tartar, superfine sugar (if you're using any at all) added very slowly after the soft peak stage, and a starch (e.g. corn starch or icing sugar) at the end for added stability.
The main problem, of course, is that as you allude to, when you bake it you'll basically end up with dried-out egg. It won't have any flavour at all. If you're just reducing the sugar then maybe this isn't a problem. If you're trying to eliminate the sugar entirely or almost entirely then you need to replace it with something - generally, a savory bomb, like very old cheese (for example Reggiano and chives), or very dark chocolate if it must be a dessert.
To do that, just grate or finely chop the strong/savory elements, whip the eggs up to the shiny peak stage, and fold in the shavings at the very end. The meringue will hold up.
But again, and I'm going to repeat myself here - you don't need a lot of sugar for stability. You can easily halve the sugar measurement for a traditional meringue recipe and still have it come out OK (albeit less tasty) - especially if you make one of the more stable meringue types, such as an Italian meringue where the sugar is combined as boiling sugar syrup. But you don't have to do that; simply reducing the sugar is fine if you're careful.