Ordinary cohomology of topological space $X$ are known to be the cohomology of constant sheaf.
Question Is there analogous description for equivariant cohomology?
More precisely. Consider category of $G$ equivariant sheaves $\mathcal{Sh}_G (X)$. Denote by $\Gamma_G := Inv \circ \Gamma$ composition of two functors. I.e. we are taking global section of an equivariant sheaf $\mathscr{F}$ and get $G$-module $\Gamma ( \mathscr{F} )$, then we take invariants in this module.
Conjecture Equivariant cohomology are derived functors of $\Gamma_G$.
This question does not actually makes sense.
Let me explain all this in the case of point. If $G$ is discrete, then equivariant sheaves are just $G$ representations. If $G$ is a topological group, then one should consider topological vector spaces. The problem is that category of topological vector spaces is not an abelian category. Then you can not just refer to classical homological algebra and define derived functor. But a modification of classical homological algebra was done by Hochschild and Mostow.
Note, that finite dimensional representations of compact groups do not have higher cohomology. But
$$H^* (BG, \mathbb{R}) = S^* ( \mathfrak{g}^* )^G$$
In particular, there are higher cohomology. So, the answer on original question is "no".
Although the answer is no, those cohomologies are related. Here is a reference.