Place the beef stew meat, parsnips, carrots, and onion into the slow cooker.
Pour the beef broth over the meat and vegetables.
Add the bay leaves, dried thyme, salt, and black pepper.
Stir gently to combine everything, then cover and cook on low for 7 to 8 hours until the beef is very tender.
Stir in the frozen peas during the final 30 minutes of cooking so they heat through but stay bright.
Remove the bay leaves before serving.