Snap off tough ends of asparagus. Remove scales with a knife or vegetable peeler, if desired. Arrange asparagus spoke-fashion on a 12-inch round glass platter with stem ends toward outside of platter. Cover with heavy-duty plastic wrap, and vent. Microwave at high 4 minutes or until crisp-tender, rotating platter a half-turn after 2 minutes. Let stand, covered, 2 minutes. Cover and chill.
Combine cheese and next 6 ingredients (cheese through hot sauce); stir with a wire whisk. Divide asparagus among 4 plates; top each serving with 2 tablespoons feta dressing and 2 tablespoons bell pepper.