PLACE meat in large bowl. Add dressing mix; toss to coat. Place potatoes in large microwavable bowl. Add enough water to completely cover potatoes; cover with waxed paper. Microwave on HIGH 10 min. or until potatoes are tender.
MEANWHILE, cook onions in hot oil in large nonstick skillet on medium-high heat 5 min., stirring frequently. Add meat; cook 5 min. or until meat is done, stirring frequently.
DRAIN potatoes. Add to meat in skillet along with peas, carrots and water; stir gently. Cover; simmer on medium-low heat 5 min. or until water is absorbed and mixture is heated through.