Place bacon in a large skillet and cook over medium-high heat, turning occasionally, until evenly browned, about 10 minutes. Drain bacon slices on paper towels and crumble. Reserve 1 tablespoon bacon grease.
Whisk mayonnaise, reserved bacon grease, honey, sugar, salt, and black pepper together in a bowl until dressing is smooth.
Mix bacon, peas, celery, Cheddar cheese, and onion together in a bowl. Drizzle dressing over salad and toss to coat. Refrigerate until chilled, about 30 minutes.
