Remove pits and cut peaches into quarters. Bring 2 cups water, sugar and peaches to a low boil. Turn heat to simmer. Immerse tea bags. Let steep for about 30 minutes. Remove from heat and let cool.
Using a fine mesh strainer, strain peaches, reserving all juice.In a 2 quart pitchercombine reserved peach juice, tea concentrate. Add 3 cups of ice and fill to top with water.