In a mixing bowl, combine the olive oil and red wine vinegar.
Add the water, sugar, salt, black pepper, garlic powder, and onion powder to the bowl.
Sprinkle in the dried oregano, dried basil, and red pepper flakes.
Whisk all the ingredients together until they’re well combined and the sugar has dissolved.
Taste the dressing and adjust the seasonings if needed.
Transfer the dressing to a glass jar or bottle with a tight-fitting lid.
Shake the jar vigorously to emulsify the dressing before each use.