Cut the beef into 2-inch cubes, and place them in a large bowl. Season with flour and onion powder.
Turn on the Sauté function on the Instant Pot, and add 1 tablespoon oil. Once hot, add enough beef to reach 3/4 full in one layer. (cook in batches if needed.)
Brown the meat on all sides for 3-5 minutes total, stirring occasionally. Transfer to a plate and reserve.
Repeat the previous step using the remaining oil.
Add all the sautéed beef to the instant pot and then add all the remaining ingredients. Mix well.
Cover the Instant Pot and close the steam valve. Set to Manual High Pressure to cook for 40 minutes.
When the cycle is complete, allow the Instant Pot to release pressure naturally (about 10 minutes depending on the model).
Remove the lid and stir in peas and parsley. Add salt and pepper to taste. Serve and enjoy!