Prepare grill to medium-high heat.
Combine wine and shallots in a small saucepan. Bring to a boil; cook until reduced to 1/4 cup (about 10 minutes). Strain through a sieve over a bowl; discard solids. Return wine to pan, and add jelly and green peppercorns. Cook over medium heat until jelly melts (about 2 minutes), stirring occasionally. Remove from heat. Stir in butter; keep warm.
Sprinkle steaks with salt and black pepper. Place beef on grill rack; cook 4 minutes on each side or until desired degree of doneness. Serve sauce with beef.