No. By definition, EH is a measure of how the combination of armour and health you have will allow you to survive under sustaned hits that you don't avoid. Avoidance has no place in there because EH is explicitly defined without avoidance. If you want to include avoidance, derive your own formula.
EH and Tankpoints are tools used to measure gear performance. EH isn't perfect because it always gives you a worst case scenario on survival (it assumes you never avoid). Tankpoints isn't perfect because it always tries to incorporate avoidance (there are a nonzero number of unavoidable attacks out there.) Both fail against magical attacks. You really should just learn to take a look at how damage comes in from what you're tanking and choose the correct gearing for that fight. (Of course, as your gear improves over time and so does your healers' and dps' gear, the "correct gearing" for a given fight changes over time as well.)


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