Fry potato slices in olive oil until just starting to soften; add sliced peppers and onions. Cook until all are tender. Place in a bowl and set aside.
Slice the hot dogs into 1" circles, place in the same pan and let cook until heated through and a little browned; this takes almost no time at all. Then, pour the potatoes, peppers and onions back into the pan; stir gently to combine.
Stir in tomato sauce, and seasonings; simmer until heated through.