Combine wine, sugar and cinnamon in a Dutch oven. Simmer 5 minutes. Cool peaches in liquid for at least 20 minutes. Drain peaches, reserving liquid. Remove peel from peaches and discard peel.
Place peaches in a jar and add orange peel.
Pour reserved liquid over peaches and Chill thoroughly. Dust with powdered sugar and chill. Drain peaches, reserving liquid. Cut a small slit along crease of peach and remove pit. Place an almond ball in center of each peach and close peach, replacing peach in jar.