Creating perfect Seafood Paella with Saffron Rice requires attention to detail and following these simple steps:

1. Prepare Saffron: In a small bowl, soak the saffron threads in 2 tablespoons of warm seafood stock for about 10 minutes to release their flavor.

2. Heat Olive Oil: In a large paella pan or a wide skillet, heat olive oil over medium heat.

3. Cook Aromatics: Add the chopped onion and red bell pepper to the pan. Sauté for about 5 minutes until softened. Then, add the garlic and cook for an additional minute.

4. Add Spices: Stir in the smoked paprika, cayenne pepper, and salt and pepper to taste. Cook for another minute until aromatic.

5. Incorporate Rice: Add the rice to the pan, stirring well to coat it with the oil and spices. Sauté the rice for 2-3 minutes to lightly toast it.

6. Pour in Liquid: Add the white wine, and let it cook for 1-2 minutes. Then pour in the seafood stock, including the saffron with its water, and stir to combine.

7. Bring to a Boil: Increase the heat and bring the mixture to a boil, then reduce the heat to medium-low.

8. Simmer: Allow the rice to simmer for 15-20 minutes without stirring, until al dente and most of the liquid is absorbed.

9. Add Seafood: Once the rice has absorbed the liquid, arrange the shrimp, mussels, and calamari on top of the rice. Press them slightly into the rice.

10. Cover and Cook: Reduce the heat to low and cover the pan with a lid or aluminum foil. Cook for an additional 5-10 minutes or until the mussels have opened and the shrimp are cooked through.

11. Add Peas: About 2 minutes before finishing, sprinkle the frozen peas over the top and allow them to warm through.

12. Rest and Garnish: Once cooked, remove the pan from heat and let it rest for 5 minutes. Garnish with chopped parsley and serve with lemon wedges.

This straightforward process will guide you in creating a phenomenal Seafood Paella with Saffron Rice.