Cook fettuccine in boiling salted water according to package directions. Stir in peas during last 3 minutes of cooking time. Drain, reserving about 1/3 cup pasta cooking water; keep warm.
Meanwhile, melt butter in a large skillet over medium-high heat. Add shallots; cook 2 minutes or until tender. Stir in cream; cook 4 to 5 minutes or until slightly thickened. Add ham, salt, pepper, and 1/4 cup Parmesan cheese, stirring until well blended and heated through.
Stir together fettuccine and peas, cream mixture, and reserved pasta cooking liquid. Sprinkle with remaining 1/4 cup Parmesan cheese; garnish, if desired.