We describe the development of a systematic theory of excitations in strongly interacting Fermi systems. Technically, we derive the equations of motion for multi–pair excitations from a stationarity principle. This method has, in Fermi systems, so far been developed only to the level of one–particle–one–hole excitations, where it leads to the (correlated) random phase approximation (RPA). We extend the analysis here to pair excitations. Our work is motivated by the fact that time–dependent pair correlations are necessary for explaining the physics of the phonon–roton spectrum in 4 He . It is therefore plausible that the same processes also have visible effects in the excitation spectrum of 3 He . Further motivation is derived from recent measurements of the dynamic structure function in two–dimensional 3 He . We first formulate the theory for a second quantized, weakly interacting Hamiltonian and then generalize the theory to a correlated ground state. We show that the inclusion of Jastrow–Feenberg type correlations leads to prescriptions for calculating weak effective interactions from a microscopic, strongly interacting Hamiltonian.