Combine wine and tarragon in a pot and let boil. Lower heat, place lid on pot, and simmer 10 minutes. Drain into a bowl. Pour wine back into pot and mix in sugar and let boil, stirring continually. Mix in pectin and bring to a boil. Continue boiling 1 minute, stirring continually.
Spoon jelly into sterilized jars, seal, and cool; chill.