Sprinkle beef with 1/2 teaspoon salt and 1/4 teaspoon pepper. Line a medium bowl with a 16-inch square piece of cheesecloth. Heat a Dutch oven over medium high heat. Coat pan with cooking spray. Add half of beef to pan; cook 5 minutes, browning on all sides. Transfer beef to cheesecloth lined bowl. Repeat procedure with remaining beef. Loosley knot edges of cheesecloth to form a bundle. Keep warm.
Add onion and next 6 ingredients (through garlic) to pan; stir in remaining 1/4 teaspoon salt and 1/4 teaspoon pepper. Saute 5 minutes or until onion is tender. Add wine, peppercorns, thyme sprigs, parsley sprig, and bay leaf to pan; bring to a boil. Cook 11 minutes or until wine almost evaporates.
Place meat bundle on top of vegetables; add any liquid from bowl to pan. Add broth to pan; bring to a simmer. Cover, reduce heat, and cook 1 1/2 hours or until beef is tender.
Tranfer meat bundle to a clean bowl using tongs, and keep warm. Strain broth through a colander into a bowl, and discard solids. Place a zip-top plastic bag inside a 4-cup glass measure. Pour broth into bag, and let stand for 10 minutes (fat will rise to the top). Seal bag, and carefully snip off 1 bottom corner of bag. Drain drippings into pan, stopping before fat layer reaches opening; discard fat. Add flour to pan, stirring with a whisk, and bring to a boil. Cook until reduced to 1 1/4 cups (about 10 minutes). Add 1 tablespoon butter, stirring until butter melts. Serve with beef. Sprinkle with chopped parsley.