Heat a large Dutch oven over medium-high heat. Coat pan with cooking spray. Add beef to pan; cook 5 minutes, browning on all sides. Remove beef from pan.
Recoat pan with cooking spray. Add onion to pan; sauté 4 minutes or until tender. Add bell pepper and garlic; cook for 1 minute, stirring constantly. Add salt and next 5 ingredients (through saffron); cook 30 seconds or until fragrant, stirring constantly. Stir in sherry and hot pepper sauce, scraping pan to loosen browned bits; cook 4 minutes or until liquid is reduced by about half. Add beef and broth to pan; bring to a simmer. Cover, reduce heat, and simmer 2 hours or until beef is tender.
Remove beef from pan; cool slightly. Cut beef across grain into thin slices; cover and keep warm.
Add peas, parsley, and vinegar to pan; cook 5 minutes. Combine cornstarch and 1 tablespoon water in a small bowl; stir cornstarch mixture into broth mixture. Bring to a boil; cook 1 minute. Add sliced beef; cook 1 minute or until thoroughly heated.