A direct electrosynthesis of H2O2 from either O2 or H2O is an attractive strategy to replace the energy‐intensive industrial anthraquinone process. Two‐electron water oxidation reaction (2e‐WOR) offers several advantages over the oxygen reduction reaction such as better mass transfer due to the absence of gas‐phase reactants. However, 2e‐WOR is a more challenging and less studied process with only a handful of metal oxides exhibiting reasonable activity/selectivity properties. Herein, we employ density‐functional‐theory calculations to screen a variety of metal‐nitrogen‐graphene structures for 2e‐WOR. As a consequence of scaling between the adsorption energies of reaction intermediates, we determine a linear relation between selectivities for the first and second reaction steps of 2e‐WOR, viz. that if selectivity toward adsorbed OH is improved, then selectivity toward H2O2 at the subsequent step is decreased. We also find that selectivity and activity are linearly scaled in such a way that a higher activity (i. e., a lower overpotential) leads to a lower selectivity for the H2O2 formation step. Based on the obtained results several chemistries, e. g., containing NiNx−C moieties, are predicted to rival the best‐performing metal oxides such as ZnO and CaSnO3 in terms of combination of their activity/selectivity characteristics for 2e‐WOR. [ABSTRACT FROM AUTHOR]