Cut onions into 1/4-inch-thick slices; separate into rings (you should have 22 cups onion rings). Remove stems, seeds, and membranes from peppers; cut crosswise into 1/4-inch-thick rings (you should have 6 cups loosely packed rings).
In an 8- to 10-quart stainless-steel, enamel, or nonstick heavy pot, combine vinegar, honey, mustard seeds, allspice, and anise seeds. Bring to boiling; boil, uncovered, for 3 minutes. Add onion rings; cook and stir gently for about 8 minutes or just until onions begin to turn limp. Remove from heat; stir in pepper rings.
Add one of the bay leaves to each hot, sterilized pint canning jar. Using tongs, remove onion and pepper rings from pot and pack into jars, leaving a 1/4-inch headspace. Ladle hot vinegar mixture over onion mixture, maintaining the 1/4-inch headspace. Wipe jar rims; adjust lids.
Process in a boiling-water canner for 10 minutes (start timing when water returns to boiling). Remove jars from canner; cool on wire racks.