HEAT 1/4 cup dressing in large nonstick skillet on medium-high heat. Add peppers and onions; cook and stir 3 to 5 min. or until crisp-tender.

ADD asparagus and remaining dressing; stir. Cover; simmer on medium-low heat 5 to 7 min. or until asparagus is crisp-tender.

SPOON onto platter; top with cheese.