Phenotypic and genotypic characterization were performed to assess heritability, variability, and seed yield stability of pea genotypes used in breeding to increase the pea production area. A European pea diversity panel, including genotypes from North America, Asia, and Australia consisting of varieties, breeding lines, pea, and landraces was examined in 2019 and 2020 in Serbia and Belgium using augmented block design. The highest heritability was for thousand seed weight; the highest coefficient of variation was for seed yield. The highest positive correlation was between number of seeds per plant and number of pods per plant; the highest negative correlation was between seed yield and protein content. Hierarchical clustering separated pea germplasm based on use and type. Different Principal component analysis grouping of landraces, breeding lines, and varieties, as well as forage types and garden and dry peas, confirms that there was an apparent decrease in similarity between the genotypes, which can be explained by their different purposes. Pea breeding should be focused on traits with consistent heritability and a positive effect on seed yield when selecting high-yielding genotypes, and on allowing for more widespread use of pea in various agricultural production systems.