Bring first 4 ingredients and 1 qt. water to a boil in a large saucepan over high heat. Tie together thyme and parsley with kitchen string. Reduce heat to low; add herb bundle, and simmer, stirring occasionally, 25 to 30 minutes or until peas are just tender. Drain peas, reserving 1/4 cup cooking liquid.
Melt butter in a medium skillet over medium heat. Stir in peas and reserved cooking liquid; cook 2 minutes. Discard herb bundle and onion wedge. Stir in green onions and basil. Add pepper to taste. Serve immediately.