My advice is to listen to what may be the best guitar solo ever written.
Album "Hemispheres" or "Exit Stage Left" (studio or live respectively)
Song "La Villa Strangiato"
I'll explain some of what makes Lifeson's second solo (The Ghost of the Aragon) so great so that you can apply those principles but you ought to hear it.
1) Fluid movement around the tonic notes.
Lifeson's playing raises expectations and then fulfills them in an odd way that adds interest to his playing. If a regular scale pattern is played the ear can predict what notes "ought" to be played before the tonic note is heard. This is also the case if sequences of notes are repeated (different accenting and timing can prevent this from being dull). Where he plays slowly a backlog of notes (which have to be played to resolve a passage) builds up. To get back to the tonic note in time he must compensate by speeding up, accelerating fluidly in a little burst of notes. When he plays fast at the start of a phrase the converse applies, he doesn't have to rush to the tonal centre. Sometimes notes nudge each other and start cascades, pushing some of the last notes of a phrase past their natural tonal centre until they fall gently back into place. If you've ever seen a slinky spring run down steps you might get what I mean when I say there's a clear analogy there!
(If you want to develop this kind of breathing soulful reprise then listen to bird song, my fave's the European Blackbird, Turdus Merula. You guys are largely North American but you've got hundreds of other species to listen to.)
2) Range of volume and intensity.
Some of this volume range comes from "violining", picking a note with a volume down and gradually unrolling his little finger around his volume knob so that the note swells and the attack of the note isn't heard. His use of dynamics is tied in closely to the emotions from the sense of urgency generated by "falling behind schedule" as discussed previously.
3) Great vibrato and bending.
The rate and depth of vibrato is good tool for rhythmic expression. His vibrato is wide and fast, technically superb. His bending is similarly without flaw.
4) Perfect tone.
He doesn't kill his tone with too much gain or by using wah or cutting the mids like some metal freak. He adds a bit of echo and some chorus.
5) Some technical wizardry.
Violining, pinch harmonics and some dazzlingly fast runs. These are things that many top players can emulate but I am yet to hear anyone who can write solos which rival the feel and melodic content of his playing.
If I couldn't laugh at myself how could I laugh at someone less ridiculous?