Drain pineapple, reserving juice; set aside. Reserve pineapple rings to assemble ice ring, if desired.
Combine water and sugar, stirring until sugar dissolves. Add orange juice, lemon juice, and reserved pineapple juice; mix well.
Pour juice mixture into a punch bowl; add wine and champagne just before serving. Garnish with an ice ring, if desired. Serve immediately.
Oxmoor House Homestyle Recipes