Drizzle 2 tablespoons (30 milliliters) of the olive oil in a wide pan over medium heat.
Once heated, add the sausage pieces and cook, stirring occasionally, until browned on all sides.
Remove the sausage to a plate and set aside.
Drizzle the remaining olive oil into the pan and add the onion. Cook, stirring occasionally, until starting to soften.
Stir in the garlic and cook until just fragrant, 30 seconds to 1 minute.
Add the yellow, green, and red bell pepper pieces, followed by the tomato paste and diced tomatoes.
Pour in the red wine, stirring the bottom and sides, to deglaze the pan.
Once most of the wine has evaporated, add the water and season the mixture with the salt, paprika, black pepper, and red chili.
Cover the pan and simmer until the peppers and tomatoes have softened.
Stir in the browned sausage pieces.
Simmer the sausages uncovered until they are completely cooked through and the liquid has thickened slightly, about 10-15 minutes.
Stir in the oregano and season to taste.
Serve immediately with parsley for garnish and alongside Feta and slices of a rustic-style bread.