Hi Syed,
If you eventually want to see the data in dashboard, why dont you use the Excel sheet as the source for the dashboard directly in Xcelsius?
In case you wish you can take Excel as data source. You can do it by placing it on a shared drive and take it as a source as Personal Data files while creating report in Webi Rich client.
Then you can right click on the block in Webi and use 'Publish Block' (if XI 3.1). This will generate a BI Web service which can be consumed as a Web service connection in Xcelsius.
Regards,
Yuvraj