Prepare the Bacon and Sausage: In a large pot, cook the bacon over medium heat until crispy. Remove and set aside, leaving the drippings in the pot. Add the sausage slices and cook until browned. Remove and set aside with the bacon.
Sauté Aromatics: Add the diced onion to the pot and sauté until translucent. Stir in the minced garlic, smoked paprika, thyme, and bay leaf, cooking for another minute.
Combine Ingredients: Return the bacon and sausage to the pot. Drain and rinse the soaked black-eyed peas, then add them to the pot. Pour in the chicken broth and water, stirring well.
Simmer: Bring the mixture to a boil, then reduce the heat to low. Cover and simmer for 1 to 1.5 hours, or until the peas are tender. Stir occasionally and add more water if needed to maintain a stew-like consistency.
Season and Serve: Remove the bay leaf, season with salt and pepper to taste, and garnish with fresh parsley. Serve hot with cornbread or rice for a complete meal.