Drain and rinse the black-eyed peas and set aside. Heat the olive oil in a large pot over medium heat. Add the onions and sauté about 3 minutes, until soft and translucent. Stir in the garlic, thyme, and celery and cook, stirring, about 5 minutes. Stir in the carrots, drained black-eyed peas, tomato sauce, water, and bay leaf. Bring to a boil, then reduce the heat. Simmer about 40 minutes, stirring occasionally, until the peas are creamy and tender. Add more water if too much liquid evaporates. Taste, and adjust the seasoning if needed. Serve hot, over rice.