Gather all ingredients.

Combine cream cheese and 1 cup feta in a food processor; process until mostly smooth, about 1 minute, stopping to scrape down sides as needed.

With the processor running, slowly drizzle pepperoncini brine through the chute until a smooth whipped dip forms, about 2 minutes.

Transfer feta mixture to a large bowl, fold in chopped pepperoncini, tzatziki, red bell peppers, olives, and 3/4 cup of the feta until evenly combined.

Chill mixture, covered, until thickened and cold, about 1 hour.