Cook ravioli to desired doneness as directed on package. Drain; cover to keep warm.
Meanwhile, in large saucepan, combine spaghetti sauce, mushrooms and pepperoni; mix well. Bring to a boil. Reduce heat; simmer 8 to 10 minutes or until sauce is slightly thickened, stirring occasionally.
Carefully stir cooked ravioli into sauce mixture. Spoon onto serving platter. Sprinkle with cheese.