Fill a cocktail shaker with ice; add pomegranate liqueur and orange juice. Cover shaker with lid and shake. Remove lid and slowly pour champagne into shaker; gently stir until mixed. Strain cocktail into a champagne glass.
Squeeze the juice from the orange wedge onto the orange peel. Pour sugar into a small bowl and roll orange peel in the sugar until coated. Float sugar-coated peel in the cocktail.