Add peaches, water, and vanilla to the pot of the pressure cooker. Secure the lid and turn pressure release knob to a sealed position. Cook at high pressure for 1 minute.
When cooking is complete, use a natural release for 5 minutes and then release any remaining pressure.
To thicken, stir together cornstarch and water in a small bowl. Select saute to bring peaches to a simmer. Pour cornstarch mixture into peaches and whisk continuously until thick, about 1 minute.
Use immediately or cool and store in a sealed container in the fridge for up to a week. Can also be frozen to enjoy for months after peach season is over.
Enjoy this peach compote over desserts, warm breakfasts, in yogurt, or simply by the spoonfuls.
The compote will thicken a bit as it cools, but if eating it hot, use a cornstarch slurry to thicken it up. Another option is to stir in a tablespoon or 2 of chia seeds while it’s hot and cover for 5 minutes.