Pacific low-frequency variability (timescale > 8 year) exhibits a well-known El Niño-like pattern of basin-scale sea surface temperature, which is found in all the major modes of Pacific decadal climate. Using a set of climate model experiments and observations, we decompose the mechanisms contributing to the growth, peak and decay of the Pacific low-frequency spatial variance. We find that the El-Niño-like inter-decadal pattern is established through the combined actions of Pacific Meridional Modes (MM) and the El Niño Southern Oscillation (ENSO). Specifically, in the growing phase of the pattern, sub-tropical stochastic excitation of the MM, and its ENSO-precursor dynamics, become an important source of tropical low-frequency variance (e.g. red noise). Once in the tropics, ENSO amplifies and distributes this low-frequency energy in the extra-tropics through global teleconnections in the peak and decaying phases. In this stochastic red noise model of Pacific climate, the timescale of the MM/ENSO progression and extra-tropical decay (1-2 year) permits the stochastic excitation of the decadal and interdecadal variance.