Set a 6-qt Instant Pot® to the high saute setting. Melt butter; working in batches, add beef and cook until evenly browned, about 2-3 minutes.
Stir in beef broth, scraping any browned bits from the bottom of the Instant Pot.
Stir in potatoes, carrots, celery, garlic, tomato paste, Worcestershire, thyme, rosemary, paprika, caraway seeds and bay leaves until well combined; season with salt and pepper, to taste. Select manual setting; adjust pressure to high, and set time for 30 minutes. When finished cooking, quick-release pressure according to manufacturer’s directions.
In a small bowl, whisk together flour and 1/2 cup stew broth.
Select high sauté setting. Bring to a boil; stir in flour mixture and cook, stirring frequently, until slightly thickened, about 3-4 minutes. If the mixture is too thick, add more beef broth as needed until desired consistency is reached.
Stir in peas until heated through, about 30 seconds.
Serve immediately, garnished with parsley, if desired.