Place the sliced onion and mushrooms in the bottom of a 4.5-quart slow cooker.
Heat the olive oil in a large skillet over medium-high heat. Season the steak strips generously with salt and pepper.
Sear the beef on all sides for about 3 minutes. It should brown but not cook through. Transfer it to the slow cooker.
Add a splash of red wine to the hot skillet and scrape up the browned bits. Pour everything from the skillet into the slow cooker.
Add the Worcestershire sauce, remaining red wine, and beef broth. Season with additional black pepper, cover, and cook on low for 6–8 hours.
Whisk the cornstarch and cold water together until smooth. Slowly stir the mixture into the slow cooker.
Cover and cook on high for about 45 minutes, until the gravy thickens. Serve over rice, egg noodles, or mashed potatoes.