To a first approximation, a plucked string has an exponential decay, so your envelope will look like $$x(t) = a \exp -bt.$$
The physical explanation for this is simple: when you pluck the string, you put a certain amount of energy into the system. Over time, energy is lost. At any given time, the amount of energy lost is proportional to the amount of energy in the system. When you turn this into differential equations and solve them, you get an exponential decay. Choosing different materials will change the decay constant.
However, if you actually plot the envelope of a string's decay, you will see a more complicated picture. Here is the decay envelope of a piano sample that I plotted (Y axis is dB, X axis spans 16 seconds):
You can hold up a ruler to the screen, or the edge of your cell phone. You'll notice that there are some sections of the graph that kind of look linear:
(Yes, you can try to approximate nearly any function with a piecewise linear one. But it actually makes sense here!)
The different linear segments are caused by different vibrational modes in the string. Think of a mode as a particular way that a string can vibrate. When you pluck or hit a string, the total vibration of the string is made up of all the different vibrational modes, added together. Some modes are harmonics of the fundamental frequency, but other modes are just different types of waves. A string will vibrate with transverse waves (in two different directions), longitudinal waves, and torsional waves. Each of these different vibrational modes have different decay constants.
The initial energy you put into a string is distributed between these different vibrational modes. However, due to the particular physics of the string, each of these modes will decay differently, and the energy will transfer from one mode to another.
If a particlar mode has a short decay time, then it will make the overall envelope steep at the beginning. If a mode has a long decay time, it will make the overall envelope shallow and long at the end. So, to make a more physically accurate envelope, you mix a steeper decay at the beginning with a longer decay at the end. The more accurate envelope will look something like, $$x(t) = \sum_{i=1}^N a_i \exp -b_i t$$
If you are not attempting to create a “true to physics” simulation of a string, this is where I might stop, but the decision of where to stop is somewhat arbitrary. There are a wide array of physical modeling synthesis techniques if you are interested in the subject. Karplus-Strong string synthesis is a fairly simple technique that gives good-sounding plucked string sounds, and many other techniques build on it by considering additional vibrational modes or adding nonlinearities to the system.
For more in-depth readings on the subject, I like the readings by Julius Orion Smith III at CCRMA.