In a medium bowl, combine the mayonnaise and ketchup. Whisk together until smooth and uniformly pink.
Add the pickle juice, sriracha (or your preferred hot sauce), garlic powder, onion powder, and smoked paprika (if using).
Whisk vigorously until all ingredients are thoroughly combined and the sauce is smooth and creamy. Taste and adjust seasonings as needed – add more pickle juice for tang, sriracha for heat, or salt and pepper to your preference.
Once you've achieved your desired flavor and consistency, transfer the pink sauce to an airtight container.
Chill in the refrigerator for at least 30 minutes before serving to allow the flavors to meld together.