We introduce a spoke-arc decomposition of non-crossing annular pair partitions $NC_2(p,q)$ that records spoke type and orientation, isolates spoke-level contributions, and factorizes the dependence on the ellipticity parameter $γ$ into a spoke factor and arc weights. This yields closed-form descriptions of the limiting covariance of Gaussian elliptic matrices. As a corollary, we show that an independent family of Gaussian elliptic random matrices is asymptotically second-order free.