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In a small bowl, combine steak sauce, thyme, green peppercorns, black pepper and cayenne. Trim fat from steaks. Spread half of the pepper mixture on one side of each steak.
Place steaks, pepper-sides down, on the rack of an uncovered charcoal grill directly over medium coals. Spread the remaining pepper mixture on tops of steaks. Grill for 7 to 10 minutes for medium-rare (145°F) or 10 to 13 minutes for medium (160°F), turning once halfway through grilling. (For a gas grill, preheat grill. Reduce heat to medium. Place steaks on grill rack over heat. Spread the remaining pepper mixture on tops of steaks. Cover and grill as above.)