Prepare the Black-Eyed Peas: If using dried peas, rinse them thoroughly and soak them in water overnight or use the quick-soak method. To quick-soak, bring a pot of water to a boil, add the peas, and boil for 2 minutes. Turn off the heat, cover, and let them sit for 1 hour before draining.
Cook the Onions and Garlic: In a large pot, heat olive oil over medium heat. Add the diced onion and sauté until softened, about 5 minutes. Add minced garlic and cook for an additional 1-2 minutes until fragrant.
Add the Broth and Black-Eyed Peas: Pour in the vegetable broth (or water) and add the black-eyed peas, smoked paprika, bay leaf, salt, and black pepper. Bring to a boil, then reduce to a simmer and cook for 30-40 minutes, or until the peas are tender.
Make it Creamy: Once the peas are cooked, remove the bay leaf and add the heavy cream and milk. Stir well to combine and bring the mixture to a simmer. If you'd like a richer taste, add butter at this stage.
Serve: Once the mixture has thickened to your desired consistency, remove from heat. Serve with rice, cornbread, or enjoy on its own. Garnish with fresh parsley for an extra touch of flavor.