Heat water and broth in 2-quart saucepan over medium heat until it comes to a simmer. Reduce heat to low and keep warm. Meanwhile, melt 2 tablespoons butter in large saucepan over medium heat; add asparagus and cook until tender crisp. Remove asparagus; set aside. In same saucepan, cook onion in remaining 1 tablespoon butter until soft. Add rice and stir 2 to 3 minutes. Add wine; stir until absorbed. Increase heat to medium-high; stir in 1 cup broth-water mixture.
Cook uncovered, stirring frequently, until liquid is absorbed. Continue stirring and adding remaining broth-water mixture 1 cup at a time, allowing each cup to be absorbed before adding another. Cook until rice is tender and mixture has a creamy consistency, approximately 25 to 30 minutes. Stir in asparagus, cream, cheese, salt and pepper. Stir until mixture is creamy, about 2 to 3 minutes. Serve immediately.