In large skillet, heat oil over medium-high heat; cook pancetta for about 2 minutes or until crisp around the edges. Add butter; cook for 3 or 4 minutes or until browned and fragrant. Add sage; remove from heat. Stir in lemon juice, salt and pepper.

Meanwhile, in large pot of boiling salted water, cook gnocchi, in batches, for about 2 minutes or just until they float to the surface. Using slotted spoon, transfer gnocchi to skillet; add peas. Toss until well combined. Sprinkle Parmesan over top; serve immediately.