Heat 2 tablespoons of olive oil in a 4 quart or larger pan over medium heat for a few minutes until hot.
Add shrimp to the pan, sauteing until cooked through, about 5 minutes, turning them occasionally. Transfer the shrimp to a plate.
Add sausage rounds to the pan, sauteing until slightly brown, about 5 minutes, stirring occasionally. Transfer to the same plate holding the shrimp.
Add chopped tomatoes, onions, and garlic to the pan. Pour 1/4 cup olive oil on top. Cook until the vegetables are soft, about 10 minutes, stirring occasionally.
Sprinkle paprika and salt over the pan, and then add in 1/2 cup water. Increase heat to medium-high and cook for 5 minutes to thicken the mixture, stirring frequently.
Add rice, saffron, and 4 cups of water to the pan. Cook for 5 minutes, stirring frequently. If your pan can't hold that much liquid, add the water in increments as the liquid evaporates.
Reduce to low heat. Let simmer until the rice is fully cooked and the liquid has been absorbed, about 20 minutes, stirring occasionally.
Stir in peas, sausage, and shrimp, and heat for a few minutes until warmed through. Add additional salt to taste if needed.