Beat cream cheese and mayonnaise until smooth using a mixer or by hand.

Stir in deviled ham, dried parsley, minced onion, dry mustard, and hot pepper sauce until well combined.

Cover the mixture tightly with plastic wrap.

Chill in the refrigerator for at least 2 hours to allow flavors to meld and the cheese ball to firm up.

Shape the chilled mixture into a ball using your hands or a large spoon.

Spread chopped peanuts on a plate or in a shallow dish.

Roll the cheese ball in the chopped peanuts, ensuring it is fully coated.

Serve the cheese ball chilled with assorted crackers and/or raw vegetables.