Set your Instant Pot to 'Sauté' mode and add the olive oil. Once hot, add the beef cubes in batches, browning them on all sides (about 5-7 minutes). Remove the beef and set it aside.
In the leftover oil and juices, add the diced onion and sauté until translucent (about 3-4 minutes). Add in minced garlic and sauté for another minute until fragrant.
Stir in the sliced carrots and diced potatoes. Cook for an additional 2-3 minutes, stirring often.
Return the browned beef to the pot. Add beef broth, red wine, tomato paste, thyme, rosemary, bay leaf, salt, and pepper. Stir well to combine.
Close the lid and set the Instant Pot to 'Manual / Pressure Cook' for 35 minutes on high pressure. Once the cooking time is complete, allow natural pressure release for 10 minutes, then perform a quick release to release any remaining pressure.
If you desire a thicker stew, set the Instant Pot to 'Sauté' and let the stew simmer for a few minutes until it reduces to your desired thickness.
Stir in the frozen peas and allow them to heat through (about 3-5 minutes).
Ladle the stew into bowls, garnishing with fresh parsley, and serve warm. Enjoy your Quick & Cozy Instant Pot Beef Stew!
Notes
You can substitute red wine with additional beef broth if preferred.