There is increasing pressure on religious thinkers and leaders to construct theologies thoroughly grounded in the particularities of a faith tradition but truly appreciative of religious pluralism. This essay argues that a significant contribution towards articulating a Roman Catholic theology of religious diversity can be advanced by explicitly integrating developments in pneumatology and sacramental theology. Pneumatology has obvious pluralistic implications insofar as Catholic theologians and the magisterium itself have emphasized the universal presence of the Holy Spirit. The sacramental tradition is more ambivalent. On the one hand, the sacramental principle and sacramental nature of human existence would seem to endorse the authenticity of religious pluralism. On the other hand, sacramental theology in the West has historically been shaped by a Christomonism which necessarily tends toward exclusivism. This tendency can be overcome by understanding sacraments in light of a Spirit Christology from below.