In a medium saucepan, combine the sparkling water, lemon and orange juices and honey. Heat; bring to a boil, then reduce to low heat and simmer for 5 minutes.
Remove the pan from heat, let cool slightly and stir in the sangria.
Use a funnel or a measuring cup with a fine spout to pour the sangria mixture into popsicle molds or tubes. If using tubes, fill to the fill line and try to get all the air out as you zip it closed. The carbonated water will expand as it freezes. Freeze for 12 hours before serving.