The theory of orthogonal multiwavelets offers enhanced flexibility for signal processing applications and analysis by employing multiple waveforms simultaneously, rather than a single one. When implementing them with polyphase filter banks, it has been recognized that balanced vanishing moments are needed to prevent undesirable artifacts to occur, which otherwise compromise the interpretation and usefulness of the multiwavelet analysis. In the literature, several such balanced orthogonal multiwavelets have been constructed and published; but however useful, their choice is still limited. In this work we present a full parameterization of the space of all orthogonal multiwavelets with two balanced vanishing moments (of orders 0 and 1), for arbitrary given multiplicity and degree of the polyphase filter. This allows one to search for matching multiwavelets for a given application, by optimizing a suitable design criterion. We present such a criterion, which is sparsity-based and useful for detection purposes, which we illustrate with an example from electrocardiographic signal analysis. We also present explicit conditions to build in a third balanced vanishing moment (of order 2), which can be used as a constraint together with the earlier parameterization. This is demonstrated by constructing a balanced orthogonal multiwavelet of multiplicity three, having three balanced vanishing moments, but this approach can easily be employed for arbitrary multiplicity.