Painted calipers?

[Sneke_Eyez]

No it does not.
Lots of guys on the dipyourcar forums had reported using it and having it look good, so I wanted to try it for the heck of it.

Not only does it not melt, it seems to stand up to brake dust pretty well.

[LUNAT1C]

Just don't get any on the rotors.

[Shawn1301]

Just don't get any on the rotors.

Im pretty sure from what I've read, my best bet is too take pads and rotor off, remount the caliper and spray away.
After a wire brush scrub down and clean off with alcohol

[LUNAT1C]

I dismount the caliper, tape a large garden trash bag around the body of the car, with tape holding the bag up to the wheel well, and push the caliper and knuckle through the bag. I hang the caliper from the spring, make sure the paint won't get where I don't want it, mask off the cylinder, guide pin boots, bleed valve, etc, then spray. Spray the knuckle where it can be seen, spray the inside of the caliper for completeness, spray the outside of the caliper that will be clearly visible.

[00R/T]

When I did it on my car, I used a brush because it was easier. When I did my Jeep, I removed the caliper and bracket. That was definitely the way to go.

[00R/T]

Plasti-dip doesn't melt? I'm not sure what heat rating it has. Break fluid boils at like 401*F so I imagine it's doesn't have to be super high

Plasti-dip is fine to at least 200*F. I'm sure you can get it hot enough that something happens to it, but it's unlikely you're going to get your calipers that hot.