Heat olive oil in a large pot over medium high heat. Add onion, garlic, pancetta, salt and pepper into the pot and cook until garlic is lightly browned and onions are softened, about 8 minutes.
Add broth and water, bring to a boil. Add in pasta and cook until al dente, about 10 minutes.
Remove pot from heat and add in peas, parsley and grated cheese. Stir to fully combine.
Serve in bowls with a extra little drizzle of olive oil and a little extra sprinkle of grated cheese on top. Enjoy!