Combine granulated sugar and 3 tablespoons grape juice in a medium saucepan. Cook over high heat 4 minutes or until golden, stirring constantly. Remove from heat. Stir in remaining 5 tablespoons grape juice, wine, and the next 5 ingredients (through cinnamon); bring to a boil. Reduce heat, and simmer 10 minutes. Remove and discard cloves and cinnamon stick. Stir in peaches; bring to a boil. Reduce heat to medium; cook 25 minutes or until very thick, stirring frequently. Cool 1 hour.
Preheat oven to 375°.
Place 1 phyllo sheet on work surface (cover remaining dough to prevent drying); lightly coat with cooking spray. Place another phyllo sheet on top of first; lightly coat with cooking spray. Repeat procedure with the remaining phyllo and cooking spray, ending with cooking spray.
Spoon peach mixture along 1 long edge of phyllo, leaving a 2-inch border. Fold over short edges of phyllo to cover 2 inches of peach mixture on each end. Starting at long edge with 2-inch border, roll up jelly-roll fashion. (Do not roll tightly, or pastry may split.) Place pastry, seam side down, on a baking sheet coated with cooking spray. Divide pastry into 6 equal portions by scoring 5 diagonal slits on top using a sharp knife. Lightly coat the pastry with cooking spray.
Bake at 375° for 25 minutes or until golden brown. Cool 10 minutes on baking sheet on a wire rack. Sprinkle with powdered sugar. Cut along scored slits into equal portions using a serrated knife.