Information theory can be a useful tool for quantifying the perturbations in the associated state variables at the time of disturbance occurrence. The study introduces a framework for the spectral decomposition of multivariate information measures to detect initiation of low frequency oscillations (LFOs), caused due to physical events in the power grid. A frequency-specific quantification of the information is shared between a target variable and two source variables from their time series data. Initially, the approach is applied on different synthetic test signals having different oscillatory frequency modes and decay time constant. Then, approach is extended on PMUs signals. The combination of cross-spectral and information-theoretic approaches is applied for the multi-variable analysis of PMUs signals from the same bus. The interdependence among the frequency, voltage angle and voltage magnitude, corresponding to specific oscillations, manifested due to cause-effect relationships obtained in terms of statistics is estimated. The dynamics in terms of unique (interaction), redundant and synergetic information is determined with the contribution from two of these three signals as source variables to target variable (frequency/voltage angle). This provides a direct coupling to identify driver-response relationships between source variables and target variable to indicate the onset of LFOs, following physical events in power network. The extension of approach among the variables from different buses aids to identify the responsible area of event occurrence.