Season beef pieces with salt and pepper.
Select the high saute function on your pressure cooker. Pour olive oil into the insert of your pressure cooker. Allow olive oil to heat.
Sear/brown half of the meat on all sides (turn using tongs - this should take about 6 to 8 minutes per batch). Remove meat with tongs or a slotted spoon and transfer to a large plate. Repeat with the second half of the beef. Add more olive oil if necessary while searing. Transfer to the plate. Leave any drippings in the pot.
Add onion and celery to your pressure cooker and cook for approximately 3 minutes, or until softened (stirring often). Add garlic and cook until fragrant (stirring constantly), about 30 seconds.
Add beef broth, browning sauce, tomato paste, brown sugar, Italian seasoning, oregano, and bay leaves. Stir to combine, while scraping up any bits off the bottom of the pot using a wooden spoon. Turn off your pressure cooker.
Add browned beef pieces (with any juices), carrots, and potatoes to the pot. Stir to combine.
Place the lid on the pressure cooker and lock. Steam release knob should be set on "sealing". Cook on manual setting (high pressure) for 25 minutes. Allow pressure to release naturally for 10 minutes. Quick release the remaining pressure and carefully remove lid.
Whisk together cornstarch and water in a small bowl or large measuring cup until smooth. Add cornstarch mixture and peas. Stir to combine, while warming for an additional 3 to 4 minutes or until broth is thickened and peas are warmed through.
Remove and discard bay leaves. Season with salt and pepper, if desired.
Garnish with chopped fresh parsley when serving, if desired.