Pat beef dry and season with salt and pepper. Heat oil in a large skillet over medium-high heat and brown beef in 2 batches for about 6 minutes each, then transfer to a 6-quart slow cooker.
Cook onion in the same skillet for 4 minutes. Stir in garlic and tomato paste for 30 seconds, add wine and simmer for 3 minutes while scraping the bottom.
Add potatoes, carrots, broth, thyme and bay leaf to the cooker, then pour in the onion-wine mixture. Push vegetables down into the liquid and cover.
Cook on low for 7 to 8 hours until the beef reaches at least 145°F and is fully fork-tender, usually well above that minimum temperature. Continue cooking if the meat still resists a fork.
Discard the bay leaf and skim excess surface fat. Mix cornstarch with cold water and stir into the stew with the peas.
Cover and cook on high for 25 to 30 minutes until the gravy bubbles lightly and thickens. Divide among 6 bowls.