The Demons trailed by 43 points early in the second quarter but rallied after halftime for a remarkable 15.10 (100) to 11.11 (77) victory at the MCG on Sunday.
The second win of new coach Steven King's tenure was a fitting way to celebrate respective 250-game milestones for captain Max Gawn and key tall Tom McDonald.
"It was just belief - belief in the process and belief the game would turn around if we started to execute the basic fundamentals which cost us dearly in the first quarter," King said.
"It started to turn halfway through the second but we just couldn't capitalise when we had our opportunities.
"For me it's just immense pride in our playing group to believe in themselves and each other and have that spirit to do it for two pretty important people in the history of our footy club."
Pickett was outstanding as Melbourne piled on 14 goals to four after halftime, tallying a career-best 33 disposals, six clearances and a brilliant late goal.
It helped Melbourne overhaul a 20-point deficit midway through the final term, when it looked like Carlton had steadied.
The Demons rattled home with the last seven goals of the match, with Gawn's contribution (23 disposals, 55 hit-outs) also telling.
Pickett's second-half performance was even more impressive given he had struggled for impact early.
"He easily could have thought it's not his day, but what he did in the second half was pretty special," King said.
"He played midfield the whole game, it's the first time he's cracked 30 possessions, and he's normally not a possessions guy - he's a quality impact player.
"Some of his defensive efforts to lock that ball in our front half and tackle with ferocity was motivating and inspiring for his teammates.
"And Max is Max. His last quarter was insane."
Tom Sparrow (29 touches) and Caleb Windsor (24) were key contributors, as were Jack Steele (15 tackles ) and experienced defender Jake Lever.
Fritsch kicked all four of his majors after halftime, while Harvey Langford and Kade Chandler added two apiece.
Another horror second half display by Carlton meant they slumped to a 1-2 record while losing Zac Williams (ribs) and impressive young defender Harry Dean (side/hip) to injuries.
Dean was taken to hospital for further assessment after a heavy fall in the last quarter.
Sam Walsh (31 disposals), Jagga Smith (25) and key defender Jacob Weitering held their heads high, while Mitch McGovern kicked three goals captain Patrick Cripps (21 disposals) was influential early before Steele put the clamps on.
The Blues have lost all six quarters in the second half of matches this season in a trend that has left coach Michael Voss seething.
"I'm pretty filthy. We're putting ourselves in great positions and handing it back," Voss said.
"That sounds like I'm taking something away from Melbourne, because you've also got to be able to go at the game and challenge the opposition and turn the momentum your way, but we're also not helping ourselves.
"We have to own it. That's the first thing we have to do."
The crowd figure of 67,763 fell just short of a record attendance for a Carlton-Melbourne home-and-away fixture.
MELBOURNE'S GREATEST AFL/VFL COMEBACKS:
* 51 points v Fremantle (Round 7, 2008)
* 47 points v North Melbourne (Round 5, 1934)
* 46 points v St Kilda (Round 9, 1977)
* 44 points v Geelong (Round 23, 2021)
* 43 points v Carlton (Round 3, 2026)
