Combine the sugar, water, wine, and lemon zest in a 3-quart (3-l) saucepan.
Bring to a simmer and cook for 10 minutes.
Add the peaches and simmer until they are just tender, about 20 minutes.
Remove from the heat and allow the peaches to cool in the syrup. When they are cool, slip off the skins.
Return the peaches to the syrup and refrigerate until ready to serve.
Serve the peaches in stemmed glasses with some of the syrup poured over them.