Such a person always keeps track of how things are going. For example, by using systematic feedback via comment cards. After a week or two of teaching, I ask students at the end of a class to take five minutes and write me a note on what is going well in the class, and what things they would like to see improved. I also make notes to myself on how the class is going, at the end of a teaching day. Excellence is being pursued when a person is constantly looking for feedback, constantly keeping track of what has worked, what hasn't worked, and trying to do it better next time.
Excellence involves one's sense of identity.
You can point out that somebody has done an excellent job, but I would be more satisfied if I felt that this person was constantly finding ways to do a better job. Implicit in your own definition is the importance of reflection, not only on your own teaching, but through your involvement with your students. Some people point to instructors whom they claim are grand lecturers. They claim this without any feedback at all from the students, and they say that person is an excellent teacher. But what they mean is the person is an excellent lecturer, as if that in itself is sufficient for an excellent teacher.