That sounds OK.
I'd just check the voltage from the black/ground wire to the white and red wires, with the 12V supply connected to the ESC but no connection to the Pi.
As long as there is no more than 5V on them, it should be safe to connect.
The red wire could be a low current 5V out to power an RC receiver, or it could be a logic supply to the ESC?
If it does not run with the black & white connected and appropriate signal present, see if the red wire has voltage? If not, try connecting that to 5V as well?