Combine the sliced peaches, water, honey, vanilla, cinnamon, ginger, and salt in a small saucepan. Bring to a boil over medium high heat, then simmer, stirring often, until the peaches are tender and the compote is thick, about 12 minutes. Remove from heat.
Peel peaches: Bring a large pot of water to a boil. Gently drop in peaches and let boil 30 seconds. Remove carefully with a slotted spoon and submerge immediately in a bowl of ice water. Peel the peaches with your fingers (the skins will slip off easily), then slice them into thick wedges.