Spread cinnamon sugar onto a small plate or saucer. Run lemon wedge along the rim of eight glasses; dip rims in cinnamon sugar. Shake off excess.
In a measuring cup, stir together apple cider and prepared caramel sauce. Divide evenly among glasses. Pour chilled sparkling cider into glasses (dividing evenly). Garnish each glass with a maraschino cherry. Serve immediately.