Place ⅔ cup roasted red peppers, ¼ cup almonds, 2 Tbsp tomato paste, 1 chopped garlic clove, 2 tsp sherry vinegar, and ½ tsp smoked paprika in the bowl of a food processor fitted with blade attachment. Pulse until very finely chopped, almost paste-like.
With the motor on, stream in ¼-½ cup extra virgin olive oil (depending on how thin or thick you want the sauce), until a smooth sauce forms. Season lightly with Kosher salt and freshly ground black pepper, then taste and adjust seasoning according to your taste.
The sauce can be enjoyed immediately, but if prepping in advance, it's great to let it sit out at room temperature for an hour to let the flavors meld.