A good recipe for caramel icing made with evaporated milk is caramel glaze, which calls for evaporated milk, brown sugar, powdered sugar, butter and vanilla extract. Another recipe featuring a type of caramel icing is maple frosting that calls for light corn syrup and maple flavoring.
To make caramel glaze, whisk together 1 cup of packed brown sugar, 1/2 cup of butter and 1/4 cup of evaporated milk in a saucepan, and bring the mixture to a boil for a few minutes. Whisking constantly, remove the pan from the burner, and stir in 1 cup of sifted powdered sugar and 1 teaspoon of vanilla extract until the mixture begins to thicken. Spread it on a cooled cake or cupcakes.
Another recipe calls for melting 1 cup of butter in a saucepan and then stirring in 1 16-ounce package of dark brown sugar. After bringing the butter and sugar mixture to a boil over medium heat, add 1/2 cup of evaporated milk, 1 tablespoon of light corn syrup and 1/4 teaspoon of baking soda, and bring the mixture back to a boil before removing it from the heat. Beat in 4 cups of powdered sugar and 2 teaspoons of maple extract if desired for a maple flavor, and spread it on cupcakes.