Cut sausage into ¾" thick slices.
Heat oil in a 4-quart pan over medium heat.
Cook sausage until browned, about 8 minutes.
Stir in rice mix and water.
Cover pan, bring to a boil. Reduce heat to a simmer; cook 20 minutes or until water is almost absorbed.
Stir in peas, roasted red peppers, olives, onions and pepper flakes.
Cover and cook until rice is tender, about 5 more minutes.