According to the sphinx documentation (reStructuredText Primer), the closest you can get appears to be to use substitutions, which are created using the replace::
markup. For example:
.. |PI| replace:: 3.1415
The value of PI is |PI|.
which should generate
The value of PI is 3.14159.
A possibly alternative is the python domain directive :py:const:
, which inserts a link to the definition of the value, rather than substituting the actual value.