Preheat oven to 400°. Place butter in a 9-in. deep-dish pie plate; heat in oven until butter is melted, 2-3 minutes. Meanwhile, in a small bowl, whisk eggs, milk, vanilla and salt until blended; gradually whisk in flour. Remove pie plate from oven; tilt carefully to coat bottom and sides with butter. Immediately pour in egg mixture. Bake until puffed and browned, 18-22 minutes.
Meanwhile, in a large saucepan, combine water, 3 tablespoons bourbon, honey and preserves. Bring to a boil; reduce heat. Add peaches; cook and stir until tender, for 3-4 minutes. Remove peaches to a bowl; set aside. Bring sauce mixture to a boil; cook and stir until reduced to 1/2 cup. Remove from heat; stir in peaches and remaining 1 tablespoon bourbon.
Remove pancake from oven. Serve immediately with warm peach sauce.