Combine the rhubarb, sugar, honey, butter and cinnamon in a large microwave-safe bowl. Cover with plastic wrap and pierce once or twice to allow steam to escape. Microwave until the rhubarb is tender, about 6 minutes. Carefully remove the plastic wrap and stir.
Meanwhile, break the shredded wheat into smaller pieces in a bowl. Dust with confectioners' sugar and cinnamon.
Spoon the rhubarb compote into bowls, top with ice cream and sprinkle with the shredded wheat.