To make Texas Caviar, combine peas and onions in medium bowl. Whisk together oil, chili powder and vinegar; stir into black-eyed pea mixture until well coated. Cover and marinate at room temperature for 2 to 4 hours, stirring occasionally.
Heat charcoal or gas grill to medium-high. Wrap 1 slice of bacon around sides of each filet; secure with wooden pick.
Grill pork filets 13 to 18 minutes, turning every 5 minutes, until internal temperature reaches 150 degrees F. Serve filets with Texas caviar.