I'm not sure I understand what EPOLLEXCLUSIVE is about. Could you provide a use case?

Also, there are other constants which may also be useful such as EPOLLWAKEUP and EPOLLONESHOT:
http://man7.org/linux/man-pages/man2/epoll_ctl.2.html
So perhaps it makes more sense to expose a lower-level "extra_events" argument instead, which is more flexible and also saves us from the hassle of describing what the new argument is about (which really is a Linux kernel thing) in the doc:

>>> s.register(fd, EVENT_READ, extra_events=select.EPOLLEXCLUSIVE | select.EPOLLONESHOT)

That raises the question whether we should also have an "extra_events" argument for modify() method (probably yes). 

But again, I think it makes sense to understand what's the use case of these constants first, because if they are rarely used maybe who needs them can simply look at the source and use s._selector.modify() directly.