Pea is a self-pollinated, diploid (2n = 14), annual crop produced worldwide for human consumption and animal feed. The exploitation of maximum genetic potential from available pea resources implies the knowledge of genetic parameters of yield components. Hence, the present study was conducted in a cross between two pea varieties, namely DDR14 and Explorer, its F2 progeny and F3 families to find out transgressive segregants and to determine the magnitude of narrow sense heritability and heterosis. The high narrow sense heritability values obtained indicated that rapid gain could be achieved through selection for the different traits; however, the presence of genotype x environment interaction could limit the correspondence of these estimated values with the observed ones. The selection of lines through their phenotypic values is influenced by environmental and error effects. Best linear unbiased prediction (BLUP) was used for the prediction of genotypic values using morphological data from different years, allowing the correction for environmental effects. These estimates were used for genetic analysis of the traits. Heterosis was observed for number of pods (27.1%) and number of seeds (23.3%), characters that have a direct effect on yield. The cross also showed high frequency of transgressive segregation for these characters in F3 generation (15.5% and 13.6%, respectively). There were 12.73% families transgressive for two or more characters, with genotypic values of 49.82–64.41 for number of pods and 153.75–189.59 for seed number. The crossing between Explorer and DDR14 provided a base for the selection of superior progeny.