Step 1: If using dried black eyed peas, rinse them thoroughly under cold water. Sort through them to remove any small stones or debris. Place the peas in a large bowl and cover with about 3-4 inches of cold water. Let them soak overnight (at least 8 hours). Alternatively, for a quick soak, bring the rinsed peas and water to a boil, boil for 2 minutes, then remove from heat, cover, and let stand for 1 hour. Drain and rinse thoroughly.
Step 2: In a large, heavy-bottomed pot or Dutch oven, heat the olive oil or bacon fat over medium heat. Add the chopped ham hock or diced bacon and cook until browned and crisp. Remove the ham hock/bacon and set aside, leaving about 1-2 tablespoons of fat in the pot.
Step 3: Add the chopped onion, celery, and green bell pepper to the pot. Sauté for 8-10 minutes, or until the vegetables are softened and translucent. Add the minced garlic and cook for another minute until fragrant.
Step 4: Stir in the drained black eyed peas, chicken or vegetable broth, bay leaf, dried thyme, smoked paprika, and a pinch of cayenne pepper (if using). If you set aside the ham hock earlier, return it to the pot now.
Step 5: Bring the mixture to a boil, then reduce the heat to low, cover, and simmer for 1 hour to 1 hour 30 minutes, or until the black eyed peas are tender. Stir occasionally to prevent sticking. If the mixture becomes too dry, add a little more broth or water.
Step 6: Once the peas are tender, remove the ham hock and bay leaf. If using ham hock, allow it to cool slightly, then pull the meat from the bone and shred it. Discard the bone and any excess fat. Return the shredded ham meat to the pot.
Step 7: Season the Black Eyed Peas Recipe with salt and freshly ground black pepper to taste. Start with a small amount and adjust as needed. The ham hock/bacon will add considerable salt, so taste before adding more.
Step 8: Serve hot, garnished with fresh parsley or green onions, if desired. This Black Eyed Peas Recipe is even better the next day as the flavors meld and deepen.