Based on the methods of coronal seismology, we have investigated the ten-second quasi-periodic pulsations of the optical flare emission from the active red dwarf EQ Peg B detected with the William Herschel Telescope on La Palma. We propose and analyze a model in which they could be produced by sausage oscillations of a coronal flare loop. The amplitude and phase relations between the displacement components of the radial oscillations and the conditions for their excitation in loops with footpoints frozen into the photosphere are considered. The temperature (≈6 × 107 K), plasma density (≈2.7 × 1011 cm−3), and magnetic field strength (≈540 G) in the region of energy release have been determined. Our estimate of the flare loop length (≈0.4R⋆) provides evidence for the existence of extended coronae on red dwarf stars.