Enzymatically modified cheeses (EMC) aim to achieve, in a shorter time frame, a composition and sensory characteristics akin to those of aged cheese. This study analyzed the lipid profile, composition, free fatty acid (FFA) content, and sensory attributes of EMC pastes with the objective of emulating the flavor profile of a red smear-ripened cheese (SR). Two different smear ripened cheeses were utilized as references: SR1, aged for 2–3 months, and SR2 aged for 10 months. Twelve formulations of EMC were prepared using a fatty medium moisture cheese corresponding to Mercosur’s Danbo type cheese (MD) as sole base, with the addition of the two types of SR cheeses and enzymes including exopeptidase, endopeptidase, and lipase, with varying concentrations of the latter. The EMC formulations exhibited a different physicochemical composition compared to the SR cheeses, with higher moisture, ash content, lower fat, and protein content. The highest total FFA contents were found in formulations with SR2, followed by formulations with SR1. As the concentration of lipase increased in the formulations, a greater degree of lipolysis was observed. Sensory profile was not influenced by the concentration of lipase, but rather depended on the type of cheese used as the base. All samples prepared with SR1 besides those prepared with SR2 as the base cheese and the highest concentration of lipase, exhibited sensory profiles more closely resembling that of lightly aged SR1. The enzymatic modification of cheeses proved to be a useful tool for generating sensory profiles similar to slightly aged SR cheese.