Combine the seasoning mix ingredients in a small bowl. Cut large pieces of stew meat into smaller bite-size pieces (1 to 1 ½-inch cubes), if necessary.
Press the SAUTÉ key three times to select the MORE setting (on older models press the ADJUST key to toggle to the MORE setting). Wait for the the pot "HOT" indicator before adding ingredients. Add 2 tablespoons oil to the heated pot. Add half of the beef and sprinkle with 2 teaspoons of the spice mixture. Sauté the beef until nicely browned. Use a slotted spoon to transfer the beef to a dish and set aside. Repeat with the remaining beef, adding additional oil if needed, and seasoning with 2 more teaspoons of the spice mixture. Reserve remaining spice mixture for later.
Leave any accumulated beef drippings in the empty pot and add additional oil, if needed. Add onion, celery, and garlic. Cook, stirring occasionally, until softened. Add the tomato paste and stir until well combined. Add the red wine, beef broth, Worcestershire sauce, remaining spice mix and the bay leaf. Add the beef and all the juices that have accumulated back to pot. Top with the carrots and potatoes. Don't stir. You want the meat submerged in liquid and the carrots and potatoes on top. Press CANCEL.
Place the lid on the Instant Pot. Press the MANUAL or the PRESSURE COOK button, select HIGH, and set the time to 30 minutes (making sure the steam release handle is in the "Sealing" position on older models). It will take approximately 10 minutes for the Instant Pot to come to pressure and begin counting down the 30 minutes. After the cooking time is complete, push the steam release handle (or button) to the "Venting" position to allow the steam to release completely before you open the pot. Press CANCEL.
Press "SAUTÉ" and toggle to "LOW" and set time for 5 minutes.
Stir in the frozen peas and parsley. Combine the water and cornstarch in a measuring cup or small bowl and stir it into the beef stew. Continue cooking, uncovered, until thickened. Taste and season with additional salt and pepper, if desired.