Heat 3 teaspoons canola in a large saucepan set over medium-high heat. Add the cubed bison meat, salt and pepper, and cook, stirring frequently, until the meat is browned. Remove the meat from the pan and set aside.
Reduce heat to medium and add 1½ teaspoon canola to the pan. Add chopped shallot, celery, and carrots, along with the dried thyme. Cook, stirring frequently, until the vegetables are just tender, 7 to 8 minutes.
Stir in barley, beef broth, water and bison meat. Bring to a boil, reduce heat to medium-low, cover and let simmer until barley is tender, about 60 minutes.
Add frozen peas and heat for additional 5 minutes. Taste and season with additional ground pepper, if desired. Stir in chopped parsley and serve.