Observed power spectra are used to constrain model parameters including decay time and period of the oscillator, as well as the stochastic forcing statistics. The decay time of the oscillator is estimated at 9 months which interestingly corresponds with the practical ENSO prediction limit. The dependence of the decay time estimate on the spectral peak width provides a robust estimate as this feature is strongly constrained by observational data. It is shown show that the precursor pattern has relatively greater decadal weight compared with the peak series indicating dominance of the precursor pattern on decadal time scales. A possible explanation for the difference in ENSO and decadal oscillation spatial patterns is proposed based on this greater decadal weight of the precursor ENSO phase deriving from both an unequal stochastic forcing of the two phases as well as a small correlation between them.