Cook bacon in a large saucepan until crisp, stirring often. Add celery and onion; cook, stirring constantly until vegetables are tender.
Stir in water and black-eyed peas; bring to a boil. Cover, reduce heat, and simmer 5 minutes. Stir in rice, parsley, and thyme. Remove from heat; cover and let stand 5 minutes or until liquid is absorbed and rice is tender. Garnish, if desired.