Stir together the water, lemon peel strips, and orange peel strips in a medium saucepan. Bring to boiling; reduce heat. Simmer, uncovered, for 10 minutes. Remove the lemon and orange strips with a slotted spoon and discard.
Place tea bags in a teapot; immediately add the simmering water mixture. Cover and let steep according to the tea package directions (1 to 3 minutes). Remove the tea bags, squeezing gently. Discard the tea bags. Stir in honey. Pour the tea into four heatproof mugs or cups and garnish each with a lemon slice. Serve immediately.