Three Australian red wine types (Shiraz, Cabernet Sauvignon, and Merlot) were analyzed for antioxidant activity and a range of phenolic component contents using various spectral methods. More than half of the total phenolic compounds were tannins, whereas monomeric anthocyanins and flavonols were present in much lesser amounts (<10%). The evolution of phenolic contents and the respective antioxidant activities in wine samples from all stages of winemaking showed progressive changes toward those of commercial wines. The antioxidant activity of the wines in DPPH and ABTS assays was positively correlated with total phenolic contents and tannins. Comparisons of the three wine varieties based on their individual phenolic component groups and antioxidant activities showed limited differences between the different varieties. However, when all of the variables were combined in a principal component analysis, variety differentiation was observed. The three varieties of red wines all contained similar and high concentrations of antioxidants despite differences in grape variety/maturity and winemaking process, suggesting that related health benefits would accrue from all of the red wines studied.