Combine wine and saffron in a pan over low heat and bring to a simmer. Set aside for 5 minutes to allow the saffron to infuse.
Heat the oil in a large paella or large frying pan over medium heat. Add onion, capsicum and garlic and cook, stirring, for 5 minutes or until onion softens.
Add the tomato and paprika and cook, stirring, for 1 minute or until aromatic. Add the rice, stock and wine mixture and bring to the boil. Reduce heat to low and cook, uncovered, for 15 minutes or until rice is almost tender.
Add prawns, squid, mussels and clams and push lightly into the rice mixture. Cook, covered, for 5 minutes. Sprinkle over the peas and cook, covered, for a further 2-3 minutes or until prawns change colour and mussels and clams open.
Remove from heat. Discard any unopened mussels and clams. Sprinkle with parsley. Serve immediately with lemon wedges.