Bring a small pot of water (or chicken stock) to a boil. Reduce the heat to low and maintain a gentle simmer while you prepare the peas.
In a medium skillet over medium-low heat, combine the olive oil, onion, and bay leaf and gently sauté until the onion just begins to soften, about 2 minutes, stirring occasionally. Add the pancetta and stir until it begins to release its fat, about 3 to 4 minutes longer.
Add the peas to the pan and toss to combine. Pour in the wine and a small ladleful of the simmering water and toss occasionally until the peas are tender, about 15 to 20 minutes, adding additional water from time to time, as needed to finish the cooking. Towards the end of the cooking, season with salt and pepper.
Serve hot or warm.