Who is Peaseblossom, from "A Midsummer Night's Dream" from The Sandman and what is their importance?

Skarrow is a small goat-headed spirit who sits on the shoulder of a large blue-green spirit. They are part of the audience of Shakespeare's "A Midsummer Night's Dream." Skarrow has trouble following the play and understanding the concept of a play, and he's more interested in eating human beings than watching them perform. The large blue-green spirit tries to explain to Skarrow what is going on.