Combine sugar and 3 cups water in a 3- to 4-quart saucepan. Halve vanilla bean lengthwise with a paring knife and scrape seeds into pan, then add pod. Bring mixture to a boil, stirring occasionally until sugar is dissolved.
Add plums and simmer, uncovered, 3 minutes.
Add apricots and tea bags and return to a simmer. Cook fruit, gently stirring once or twice, 5 minutes, then remove from heat.
Allow tea bags to steep with fruit in syrup 15 minutes (fruit will continue to soften as it steeps), then remove bags, gently squeezing liquid from them into syrup.
Transfer compote to a bowl or jar and cool, gently stirring occasionally.
