That's because Anderson, 5, looks like Fabio, the famed romance-novel cover boy, while daughter Macy, 2, looks like a sweet version of Chucky, the mischievous baby doll, Falco told PEOPLE at a Drama League gala honoring Angela Lansbury in New York on Monday.
"He's just a spectacularly beautiful little blond boy," the Emmy-winning Sopranos and Nurse Jackie actress, 46, said of Anderson, whom she adopted in 2005. "And I'm not just saying that because I'm his mom."
Macy, meanwhile, adopted in 2008, "has bright red hair and blue eyes. She looks like Chucky," Falco said. "She likes to say 'Maaa! Maaa!' in a [loud] scary voice, because she knows it cracks me up. I'm a cheap date. I laugh my head off. She really is like a devil."
Central Casting issues aside, the single mom says raising kids is "the hardest thing I've ever done," but that both of her children are delightful in their own way.
Macy, she says, is "the most spectacularly beautiful, funny, smart thing I've ever seen," while Anderson is "smart and clever and creative, and he breaks my heart."
As for her own celebrity doppelgänger, Falco says she has two: Ellen DeGeneres and Felicity Huffman.
"Every time I see Ellen, we pass stories back and forth how we are mistaken for each other," she says. Other times, "the fans say, 'Felicity, we love you.' And I say, 'I love her, too.' What are you going to do?"