1. Preheat oven to 400°.
2. Cut snow peas lengthwise into strips and in half crosswise. Place snow pea strips, carrots, bell pepper, and water in a microwave-safe bowl. Cover with plastic wrap; vent. Microwave at HIGH 2 minutes.
3. Sprinkle fillets with salt and pepper. Cut 4 (15 x 12-inch) squares of parchment paper. Fold each square in half. Open folded parchment paper; place 1 fillet near fold on each square. Top each fillet with one-fourth of carrot mixture; crumble or spread 1 tablespoon Orange-Tarragon Butter over carrot mixture. Fold paper; seal edges with narrow folds. Place packets on a large baking sheet.
4. Bake at 400° for 10 minutes. Let stand 5 minutes. Place 1 packet on each of 4 plates; cut open, and serve immediately. Garnish with orange wedges, if desired.