Bring the soaked split peas and 3 cups of water to a boil in a pot over medium heat.
Reduce the heat to medium-low and simmer for about 30 minutes. Remove any foam that forms using a wooden spoon or a fine sieve.
Add the chopped onion and bay leaves, continuing to simmer together until most of the water is absorbed. Ensure the bottom does not burn during this process. If the split peas absorb the water before becoming fork-tender, gradually add a little water and continue simmering.
Once cooked, remove the bay leaves from the pot.
Whisk the split peas until they are broken down and mushy using an immersion blender or food processor.
At this stage, add the olive oil and continue stirring. You'll notice that the olive oil lightens the color of the Fava and gives it a smooth consistency.
Add salt to taste and continue stirring.
At this point, your Greek fava is ready to be served. For a smoother consistency, you can continue stirring with a whisk or immersion blender until you achieve a creamy texture.
Garnish your Greek fava with chopped red onions, capers, and a few sprigs of parsley.
Drizzle the fava dip with Greek extra virgin olive oil and a squeeze of fresh lemon juice.
Enjoy warm or at room temperature with bread or fresh vegetables as part of an appetizer or mezze platter.