Fill punch bowl halfway with ice. Add cranberry juice, vodka, and orange liqueur. Stir gently.
Slowly add champagne to preserve bubbles, then club soda or sparkling water.
Add fresh cranberries and orange slices for garnish. Ladle into glasses and serve.
Notes
Use unsweetened cranberry juice for a more tart, less sweet punch. Freeze cranberries to use as ice cubes. Adjust sweetness with simple syrup if desired.