Soak black eyed peas in a bowl of hot water for 1 hour or rinse with hot water.
Dice raw bacon into strips.
Press the saute button on pressure cooker and let the inner pot heat up. Once hot add bacon and saute until browned.
Add rinsed black eyed peas to inner pot and mix with bacon.
Then add water, chicken stock, salt and pepper and stir. Cancel Saute.
Add lid and make sure valve is turned to seal. Turn lid to lock pressure cooker. Press the bean/chili button or press the manual button and set to high pressure for 30 minutes.
Once finished, allow pressure cooker to natural pressure release for 10 to 15 minutes. Carefully open the valve to remove any additional pressure, then turn and remove lid.
Give peas an additional stir.