with laurel leaves steeping in it as well. I bought it at the Placio De Espania in 1992. Would it still be safe for use?
Yes, barring something really bizarre, it is safe.
It probably sucks, but the best way to know for sure is to taste it.
Know one thing, it is not any more "aged" in a positive way now than it was 23 years ago. It's just older. For more information check out the Wiki, Aging of Wine.