
In a large saucepan, place the peas, ham hocks, onion, red pepper, salt, and pepper and then cover with the water. Bring to a boil and then reduce the heat to medium-low. Cook for 1 1/2 hours.
Remove the ham hocks and cut off the meat into pieces. Return the meat to the pot and stir in the rice. Cook for 20-25 minutes, until the rice is cooked through. Season to taste with more salt and pepper and serve with the shredded cheddar cheese. Top with chopped green onions, if desired.