Snap tough ends off asparagus and cut into 1 1/2-inch pieces. Cut shallots in half lengthwise (root to tip), peel, and finely slice lengthwise, to make saute slices.
Heat a skillet over medium heat. And pine nuts to dry skillet and toast, stirring constantly, until fragrant. About 2 to 3 minutes. Remove and set aside.
Add olive oil and shallots to pan, and sauté, stirring frequently, until lightly browned, about 5 to 7 minutes. Remove and set aside.
Add fresh peas and asparagus to the pan with water and salt and increase heat to high. Cover and cook for 3 to 4 minutes, until asparagus is cooked al dente. Drain any excess water.
In a serving bowl, toss drained peas and asparagus with lemon juice. Top with toasted pine nuts and caramelized shallots.