Combine 1/4 cup water and sugar in a small saucepan over medium heat. Cook 5 minutes or until sugar melts. Remove from heat; stir in cranberry sauce. Let cool. Stir in vodka; pour mixture into a bowl. Cover and refrigerate 4 days.
Strain mixture through a cheesecloth-lined sieve into a small jar; discard solids. Cover jar with an airtight lid; chill until ready to use.
To make cocktails, spoon 2 tablespoons cranberry liqueur into each of 8 champagne flutes. Top each with 1/2 cup wine. Serve immediately.