Bring the broth to a simmer in a heavy medium saucepan. Add the porcini mushrooms. Cover and set aside until the mushrooms are tender, about 5 minutes. Using a slotted spoon, transfer the mushrooms to a plate. Finely chop the mushrooms. Cover the broth and keep warm over very low heat.
Melt the butter in a heavy 4 quart pan over medium heat. Add the shallots and saute until fragrant, about 2 minutes. Add the mushrooms and 1/2 teaspoon salt and cook until the mushrooms are tender, the juices evaporate and the mushrooms are beginning to brown, about 10 minutes. Stir in the porcini mushrooms and rice and cook, stirring often for another minute. Add the wine; cook until the liquid is absorbed, stirring often, about 2 minutes. Add 1 cup of hot broth; simmer over medium-low heat until the liquid is absorbed, stirring often, about 3 minutes. Continue to cook until the rice is just tender and the mixture is creamy, adding more broth by cupfuls and stirring often, about 28 minutes total. Stir in the Parmesan cheese and peas and serve.
Recipe Courtesy of Chef Giada De Laurentiis