Exaequat is an interesting verb and had some intriguing connotations.
Perseus parses it as a "verb 3rd sg pres ind act" which would be "it X's"
Nos can be nominative (subject) or accusative (direct object), so we or us. Since the verb is 3rd person singular, it almost has to be "us" here, doesn't it? Wouldn't "we are raised/equal" be "nos exaequamus"?
The verb had the basic definition of "To make even or level or equal with any thing"
So, I'm getting (with my literal rudimentary Latin):
"By (the) victory, it makes us level to/with the sky." ?
Aequo = level, equal
PS:
If my parsing is right, I'm slightly annoyed by translators changing the active to a passive construction. It seems to take the importance or agency away from the victory of trampling religion underfoot. Consider the different feeling of:
It makes us equal...
We are made equal...
The second takes the emphasis away from the trampling; however, should the emphasis be on the trampling (it) or on the beneficiary of the trampling (us)? Maybe it's just poetic license as to what the translator wants to highlight? Does it make a significant difference in interpretation in English?