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I would like to know if there is any workaround to protect or hide my TP-LINK Wi-Fi router password from being displayed on phones using Xiaomi (Redmi) phones.

If we go to Wi-Fi in a Redmi phone and tap on previously connected Wi-Fi, then the phone allows us to share the Wi-Fi network by scanning QR code by some other phone or the same phone.

See the screenshots below for a better understanding of my question:

And if I scan this QR code with any other phone, then we can easily see the password:

So how can I protect my Wi-Fi password?

The answer to this question is more general than the specific hardware you referenced in your question, and not Android specific in any way, but since this question seems to arise from time to time I will answer it as best I can so that people see this isn't "magic" in any way.

The reason this is showing your password is that the QR code for WiFi information stores and transmits the WiFi password in plain text, so that anyone who scans the QR code will have your WiFi password. The QR code isn't something special here, although you can't "read" it per se, any device that knows the standard code used for the QR symbol can read it just like words on a piece of paper. This is just how QR codes for WiFi are done and it doesn't matter if it TP-Link, Asus, Linksys, or any other device creating them, the password is in plain text. It also does not matter what device is reading the QR code, rather it's Redmi, Samsung, Apple, Google, Huawei, or whatever, it can read the QR code and display the network name and password in plain text, although some apps might "mask" the password for basic privacy (but they do have the information).

The proper way to handle this security in a home environment is not to give your WiFi password out to your friends, only to your family (or set it up yourself for them, although they may still be able to retrieve the password). And for your friends or guests use a separate SSID with a simple password that is setup to only access the Internet, possibly at a throttled rate. I don't know about TP-Link, but many companies like Asus have an app for your cell phone that can very quickly allow you to enable a guest WiFi network for a certain period of time (say 24 hours) then automatically disables it. This example is useful for friends who over for the day or weekend perhaps.

Otherwise, if you are giving people access to your network, you might as well just give them the WiFi password... Once they are connected to WiFi it is largely the same as if they plugged into your network with a cable and can access everything, so having physical access to the network and having the WiFi password are essentially the same thing. Besides, it is fairly easy to change the WiFi password later if needed to restrict access. It also isn't a bad idea to change your WiFi password on a regular basis, once every 30~90 days or so, so that if the password is out there, it cannot be accessed later if things change, like your friend for whatever reason is not your friend any longer.