MIX dry jelly powder, apple juice and water in Dutch oven. Bring to boil on medium-high heat. Cook until jelly powder is completely dissolved, stirring frequently.
ADD peaches; cover pan with lid. Reduce heat to medium-low; simmer 15 to 20 min. or just until peaches are tender. Remove peaches from liquid; discard liquid.
PLACE 2 peach halves in each of 4 individual dessert dishes; top with 1/4 cup of the raspberries and 2 Tbsp. of the whipped topping.