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Place ham, black-eyed peas, broth, water, onion, carrots, bay leaf, and pepper in a programmable pressure multicooker (such as Instant Pot). (Times, instructions, and settings may vary according to cooker brand or model.) Cover cooker with lid, and lock in place. Turn steam release handle to SEALING position. Select MANUAL/PRESSURE COOK setting. Select HIGH pressure for 15 minutes. (It will take 10 to 15 minutes for cooker to come up to pressure before cooking begins.)
Let the pressure release naturally for 20 minutes. Carefully turn steam release handle to VENTING position, and let steam fully escape (float valve will drop). (This will take 3 to 5 minutes.) Remove lid from cooker. Remove and discard bay leaf. Garnish with parsley. Serve warm.