Blanch asparagus and peas 2 min., or until tender-crisp. Shock in cold water. Drain and set aside.
In separate saucepan, bring broth and white wine to a simmer. Cover and keep warm.
Heat large heavy saucepan on medium-high heat. Melt butter and cook onions until translucent, about 5 min. Stir rice into onion mixture. Cook until rice has a lightly toasted aroma.
Add 1/3 of broth mixture to rice, stirring, until liquid is mostly absorbed. Repeat with another 1/3 of broth mixture. Add final portion of broth mixture, stirring until loose and creamy, and rice is tender. Gently fold in reserved asparagus, peas and grated cheese. Season to taste.