Bring water, sugar, wine, 1/4 teaspoon salt, the cinnamon, zest, and peppercorns to a boil in a medium stockpot, stirring to dissolve sugar. Add peaches; cover with cheesecloth or parchment to keep submerged. Reduce heat; simmer, turning peaches once, until tender and skins are loose, 7 to 9 minutes.
Remove from heat; discard cinnamon stick. Stir in lemon juice, and add half the raspberries. Let cool, covered with cheesecloth to keep moist, for 30 minutes. Refrigerate for at least 2 hours. Remove peaches, and slip off skins; discard. Strain poaching liquid; discard solids. Serve peaches in liquid, and top with remaining raspberries.
You can also serve drained peaches on top of cottage cheese, drizzled with poaching liquid or doused with Champagne. Peaches can be refrigerated in liquid for up to 3 days.