In 2-quart covered saucepan, heat chicken broth and water to boiling on High.
Meanwhile, in large microwave-safe bowl, place peas and 2 tablespoons broth mixture; cover with vented plastic wrap and microwave on High for 4 minutes.
In blender, combine 1 1/2 cups peas and 1/4 cup hot broth mixture. Remove center part of blender top; cover blender and blend peas and broth mixture until pureed. Set remaining peas aside.
In microwave-safe 4-quart bowl, combine olive oil and rice. Cook, uncovered, in microwave on High for 1 minute. Stir in remaining hot broth mixture; cover bowl with vented plastic wrap and cook in microwave on Medium for 10 minutes, stirring once halfway through cooking.
Stir in pea puree; cover with vented plastic wrap and cook on Medium for 8 minutes longer or until most of liquid is absorbed.
Stir in Parmesan, salt, pepper and remaining peas. Garnish with more Parmesan cheese, if desired.