From the Gene Hovis cookbook, with my pressure cooker adaptation.

1 lb black-eyed peas
1/4 lb slab of lean bacon, in 1/4-inch cubes (about a cup)
1/2 C finely chopped red or green pepper
1/4 C finely chopped celery
1/4 C finely chopped onion
2 t red wine vinegar
2 C chicken broth
salt and pepper
1 dried red pepper, crumbled
3 to 3-1/2 C water

Rinse peas and drain. Saute bacon until rendered of fat and browned. Add chopped peppers, celery, and onion, and cook until wilted. Add peas, vinegar, broth, salt, black pepper, and dried pepper

Simmer for 2 to 2-1/2 hours, or pressure cook for 12 minutes, followed by a natural pressure release.