Heat the oil in a large skillet over medium-high heat. Add the onion, bell pepper and thyme; cook and stir until tender and starting to brown. Mix in the tomato paste and tomato sauce and reduce heat to low. Season with seasoned salt, salt and pepper. Simmer for a few minutes, then stir in the black-eyed peas and simmer for a few minutes more. Pour in the water and bring to a boil.
When the mixture boils, stir in the grits and return to a boil, then cover, reduce heat to low and cook for 20 to 30 minutes.