Rinse the black-eyed peas under cold water and sort through them.
Soak the black-eyed peas in water for at least 6 hours or overnight.
Heat olive oil in a large pot over medium heat. Add chopped onion and sauté until translucent, about 5 minutes.
Add minced garlic and smoked paprika, stirring for an additional minute.
Pour in the soaked black-eyed peas along with the soaked water or broth.
Add the bay leaf and season with salt and pepper. Bring to a boil, then reduce heat to a simmer.
Cover and simmer for 45 minutes to 1 hour, or until the peas are tender.
Once tender, taste and adjust seasoning as necessary. Remove the bay leaf before serving.