Melt the butter in a medium saucepan over medium-low heat. Add the shallots and cook, stirring frequently, until soft and translucent, 4-5 minutes.
Add the asparagus, ¼ teaspoon salt and freshly ground black pepper to taste. Continue cooking over medium-low heat, stirring frequently so the shallots don't burn, for about 5 minutes or until tender-crisp.
Add the peas and honey and cook about one minute more until the peas are warmed through. Add more salt and pepper to taste (I usually add about 1/8 teaspoon more salt and a few twists of pepper) and serve.