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Whisk peanut butter, 1/4 cup water, brown sugar, 1 tablespoon soy sauce and vinegar in a medium bowl until smooth. Set aside.
Heat oil in a wok or large skillet over medium heat. Add broccoli and cook, stirring frequently, until beginning to soften and brown in spots, about 6 minutes.
Add the remaining 1/4 cup water and 1 tablespoon soy sauce to the pan along with bell pepper and garlic. Cook, stirring frequently, until the pepper has softened and the liquid has evaporated, 2 to 4 minutes. Remove from the heat; stir in the reserved peanut sauce and season with crushed red pepper. Garnish with peanuts.