In medium skillet, cook asparagus in small amount of boiling water for 5 minutes or until crisp-tender. Drain on paper towels.
Spread 1/4 of cream cheese over each tortilla. On each tortilla, arrange 2 asparagus spears with 3 rows of 2 pepper strips each. Firmly roll up tortillas. Wrap each roll in plastic wrap. Refrigerate at least 30 minutes or up to 2 hours.
To serve, cut tortilla rolls into 1-inch slices.