In a small bowl, whisk together the orange juice, hot sauce, sugar and 2 tablespoons of the olive oil. Season with salt and pepper, to taste, and set aside.
Warm the remaining olive oil in a medium skillet over medium heat. Add the fennel and saute for 3 minutes. Stir in the peas along with the orange zest and season with salt and pepper, to taste. Saute until the peas turn bright green, about 2 minutes. Remove the skillet from the heat. Pour the vinaigrette over the fennel mixture. Transfer the fennel mixture to serving bowl and toss in the tarragon to release fragrance and wilt slightly. Garnish with reserved fennel fronds and serve slightly warm or at room temperature.