Bring water and broth to a boil in a large saucepan. Add rice and bring to a boil. Reduce heat to medium and simmer until tender but still slightly firm to bite, stirring occasionally, about 40 minutes. Drain rice and transfer to a large bowl and cool.
Mix cranberries, raisins, onions, pine nuts, parsley, and orange peel into rice. Whisk orange juice and vinegar together. Gradually whisk in oil. Add enough dressing to rice salad to coat. Season with salt and pepper. Cover and refrigerate. Let marinate for several hours. Bring to room temperature before serving.