It is a multi-channel electrical measurement standard that actually represents an equivalent acoustical sound pressure level.
To simulate human hearing (and annoyance) each channel is frequency weighted. Over the duration of the recording an average of the power is taken and the result is then displayed in decibels.
It has proven to be a useful benchmark measurement when providing a simulation to a typical human response to motion-picture soundtracks - especially for cinematic trailer and theatrical commercial productions.
Here at Sun Studio we have a variety of Dolby approved methods to calculate Leq values for your mastered soundtrack. Contact us to know more.