Bring a large pot of salted water to boil and cook orzo according to package instructions until al dente. Drain and cool.

In a small bowl, whisk together olive oil, red wine vinegar, lemon juice, honey, garlic, Italian seasoning, salt, and pepper until combined.

Chop cherry tomatoes, orange bell pepper, yellow bell pepper, cucumber, and, if using, red onion.

In a large bowl, combine cooled orzo, chopped vegetables, feta cheese, and basil. Toss gently.

Drizzle the dressing over the salad and toss until well-coated.

Let the salad rest for 10 minutes before serving to enhance flavors.