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Derived from the Greek verb εὐαγορέω (euagoreo) meaning "to praise formally", which consists of Greek εὖ (eu) meaning "good, well" combined with the Greek verb ἀγορεύω (agoreuo) meaning "to orate, to speak publicly".

Alternatively, this name can mean "good assembly", in which case it is derived from the aforementioned Greek εὖ (eu) meaning "good, well" combined with the Greek noun ἀγορά (agora), which can mean "assembly" as well as "market, marketplace".

Euagoras was the name of two kings of Salamis in Cyprus, the earliest of which lived in the 5th century BC.