You can use formal charges, but that's exactly what they are: a formality, not actual charges.
A redox reaction is a redox couple, consisting of an oxidation half reaction and a reduction half reaction. I would consult a table of reduction potentials (e.g.), which lists half-reactions and their standard reduction potentials.
On this table, we find:
\begin{align}
\ce{O2(g) + 2 H+ (aq) + 2 e– &-> H2O2 (aq)},&
E^{\circ} &= \pu{+0.682 V}\\
\ce{SO4^2– (aq) + 4 H+(aq) + 2 e– &-> SO2 (g) + 2 H2O},&
E^{\circ} &= \pu{+0.2 V}\\
\end{align}
If I invert the first reaction, I have the following oxidation:
\begin{align}
\ce{H2O2(aq) &-> O2 (g) + 2 H+ (aq) + 2 e–},&
E^{\circ} &= \pu{-0.682 V}\\
\end{align}
Summing this with the second half reaction (reduction) gives the total [redox] reaction provided in your question.
This tells us two things. Hydrogen peroxide is being oxidized (that system is losing electrons), since it is the reactant in the oxidation half reaction. Sulfate and hydrogen ion are participating as reactants in the reduction half reaction; they are reduced.
We didn't actually need to do anything with potentials here, but you can easily see that the total reaction is non-spontaneous.