You don't happen to know which translation it is, do you? It might help to be certain of what Greek word is being translated. From what I can find out it seems like it must be an old one: "sparkling wine" seems to come up mostly in translations from the 1800s.
But I think we can be pretty sure what is going on. It's almost certainly the phrase aithopa oinon. This doesn't mean "sparkling" in the sense of fizzy, but in a more literal sense -- reflected light dancing on the surface of the wine. The word aithops literally means "shiny-faced". This is one of those metrical formulas that are omnipresent throughout Homer: it appears 12 times in the Iliad (9 times in the accusative form, 3 times dative), and another 12 times in the Odyssey (all accusative). Bear in mind that ancient Greeks didn't think of wine as something where you always see its colour through the side of a wine glass. Its visual character was something that gets mixed with water in a big bowl (a kratēr), with some turbulence, and with a large surface area visible.
In some translations, a common phrase like that will pop up even when it isn't in the Greek text. For example in one anonymous translation from 1828, I find the phrase used for a prayer libation poured at Iliad 6.268, but looking at the Greek text, there's no mention of wine there, let alone shining: just the prayer.
It's possible some translators have thought it did mean "sparkling" in the incorrect sense of "fizzy", because the sense "fizzy" does appear in English from the early 1700s onwards.
But I'm afraid even the OED isn't immune to misinterpretation: it regards "sparkling wine" in English as invariably meaning "effervescent", even in 15th-18th century poets like Yonge, Dryden, and Thomas Gray. But they were surely thinking of the Homeric sense of "shiny". Gray uses the phrase "the sparkling bowl (of wine)", which is clearly an allusion to ancient mixing bowls. The OED does give plenty of references for "sparkling rivers", "sparkling sea", etc, without any suggestion that they're fizzy.