Combine all ingredients except orange peel in small saucepan. Stir until cornstarch dissolves. Stir and cook over medium heat until sauce is clear and slightly thickened.
Add orange peel. Spoon 1/3 cup over hot ham. Serve remainder as sauce over sliced ham.
Substitute for 1 cup red currant jelly:
1 18-ounce jar red plum jam plus additional 1 tablespoon cornstarch.