Bring chicken broth and sherry to a boil in a small saucepan; add morels. Remove from heat; cover and let stand for 30 minutes. Drain mushrooms in a cheesecloth-lined sieve over a bowl, reserving soaking liquid. Rinse mushrooms; drain.
Place each chicken breast half between 2 sheets of heavy-duty plastic wrap; pound to 1/4-inch thickness using a meat mallet or rolling pin. Sprinkle chicken with salt and pepper. Combine flour and Porcini Powder in a shallow dish. Dredge chicken in flour mixture. Melt butter in large nonstick skillet over medium-high heat. Add chicken; cook 1 minute on each side or until golden. Remove from pan.
Add mushroom soaking liquid and asparagus to pan; cook until liquid is reduced to 1/4 cup (about 5 minutes). Add chicken, peas, and remaining ingredients to pan; cook 5 minutes or until sauce thickens.