In a spice grinder or with a mortar and pestle, combine cardamom pods and peppercorns; grind until aromas are released.
In a large saucepan, bring water to boil. Add cardamom mixture, honey, cinnamon sticks, cloves, star anise and ginger; simmer 5 minutes or according to taste. Remove from heat. Add tea bags; cover and steep 5 minutes.
Meanwhile, in a small saucepan, heat milk. Strain tea, discarding spices and tea bags. Stir in hot milk and vanilla. Pour into mugs. If desired, sprinkle with nutmeg.