This tutorial by In 2 Crafting (another blog well worth a visit, with lots of hints, tips and inspiration) uses a 2" punch, but I have done it with a much smaller one and although fiddly, works out just fine.
This is what you can end up with:
I used plain paper, just adding a touch of colour to the petals using aquamarkers watered down. The leaves aren't really rose leaves, but this was the only leaf punch I could find!
Additional touches can be added, such as a drop of glaze to simulate raindrops, or some quicky glue pen and glitter to just give it some bling!