Heat the canola oil in a Dutch oven over medium heat. Spread the flour on a shallow dish and dredge the meat in the flour. Add the meat to the pot, working in batche if necessary, and brown on all sides. 12 to 15 minutes, until a crust forms on the outside. Remove the meat to a platter while browning the remaining meat.
Return all the meat to the pot and add the onion, potato, carrots, tomato sauce, 1 1/2 cups of water, the beef stock, red wine, salt, and pepper. Bring to a boil, then reduce the heat, cover, and simmer for 1 1/2 to 2 hours, until tender. Stir in peas (optional)
Stir the Bisquick and milk together in a bowl until a soft dough forms. Drop heaping tablespoons of the dough on top of the stew. Cook, covered, over low heat for 10 minutes. Ladle the stew and biscuits into warm bowls and sprinkle with parsley before serving.