Combine feta cheese, red peppers, oil, vinegar, garlic, and pepper flakes in a food processor; puree in pulses until smooth. Avoid over-mixing as the heat from the food processor can make the tirokafteri runny.

Taste and adjust seasoning as desired, adding more red pepper flakes, vinegar, or garlic to taste.

Transfer to a serving bowl and garnish with olives, if using. Serve immediately or refrigerate until serving.