The present article is concerned with the application of an electrochemical noise (EN) monitoring technique to analyze the initiation and propagation of Pb-assisted stress corrosion cracking (SCC) of an Alloy 600 material in a simulated environment of a steam generator (SG) sludge pile at high temperatures. A typical increase of electrochemical current noise (ECN) and electrochemical potential noise (EPN) was frequently recorded from the EN measurement in a caustic solution with such impurities as PbO and CuO, indicating that there are localized corrosion events occurring. With the aid of microscopic and spectral analyses, the EN data involving information on such stochastic processes as uniform corrosion and the initiation and propagation of SCC, were analyzed based on a stochastic theory.