Finely chop the onion and prepare the coarsely cracked black peppercorns.
In a medium saucepan, melt the butter over medium heat.
Add the chopped onion and sauté until translucent, about 5 minutes.
Stir in the coarsely cracked black peppercorns and toast for another 1-2 minutes, until fragrant.
Pour in the red wine, bring to a boil, then reduce the heat and simmer for 5-7 minutes, or until slightly reduced.
Add the chicken broth and honey, then simmer for another 5 minutes, until the sauce has thickened slightly and reached a silky consistency.
Season with salt to taste. Strain the sauce through a fine-mesh sieve for a smooth finish.
Serve the sauce warm with steak, roasted meats, or grilled vegetables. It can be stored in the refrigerator for 2-3 days; gently reheat before serving.
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