You could enclose every entity separated by a space in an \mbox in an automated fashion. I defined the macro \nohyphen which does exactly that.
\nohyphen{list of words} -> \mbox{list} \mbox{of} \mbox{words}
This also means, that to protect spaces you have to wrap the relevant entry in braces, as in {$a = b$}. Otherwise this would also be split at the spaces an chaos ensues.
\documentclass{article}
\usepackage{xparse}
\ExplSyntaxOn
\seq_new:N \l_pantlmn_words_seq
\cs_new_protected:Npn \pantlmn_nohyphens:n #1
{
\seq_set_split:Nnn \l_pantlmn_words_seq { ~ } { #1 }
\seq_map_inline:Nn \l_pantlmn_words_seq
{ \mbox { ##1 } ~ }
\tex_unskip:D
}
\NewDocumentCommand \nohyphen { m }
{
\pantlmn_nohyphens:n { #1 }
}
\ExplSyntaxOff
\begin{document}
\fbox{%
\parbox{2em}{%
overly longish dictionary words {$a = b$}
}%
}
\quad
\fbox{%
\parbox{2em}{%
\nohyphen{overly longish dictionary words {$a = b$}}
}%
}
\end{document}

Alternative
You can also add words to a list, which should not be hyphenated, when enclosed in \nohyphen. I borrowed the example words from Mico's answer for this. You can add words in a comma separated list via \addnohyphen. This way you don't need to enclose formulas in braces. On the other hand, this solution is only practical if you want to suppress hyphenation for a few words only.
The leading x is there merely to allow hyphenation of useful, because TeX prohibits hyphenation for the first word of a paragraph.
\documentclass{article}
\usepackage{xparse}
\ExplSyntaxOn
\seq_new:N \l_pantlmn_words_seq
\tl_new:N \l_pantlmn_nohyphen_tl
\cs_new_protected:Npn \pantlmn_nohyphens:n #1
{
\seq_set_split:Nnn \l_pantlmn_words_seq { ~ } { #1 }
\seq_map_inline:Nn \l_pantlmn_words_seq
{
\str_case:nVTF { ##1 } \l_pantlmn_nohyphen_tl
{ \mbox { ##1 } ~ }
{ ##1 ~ }
}
\tex_unskip:D
}
\cs_new_protected:Npn \pantlmn_add_nohyphen:n #1
{
\clist_map_inline:nn { #1 }
{
\tl_gput_right:Nn \l_pantlmn_nohyphen_tl { { ##1 } { } }
}
}
\NewDocumentCommand \nohyphen { m }
{
\pantlmn_nohyphens:n { #1 }
}
\NewDocumentCommand \addnohyphen { m }
{
\pantlmn_add_nohyphen:n { #1 }
}
\ExplSyntaxOff
\begin{document}
\addnohyphen{useful,handful}
\fbox{%
\parbox{1em}{%
x useful handful helpful {$a = b$}
}%
}
\quad
\fbox{%
\parbox{1em}{%
x \nohyphen{useful handful helpful $a = b$}
}%
}
\end{document}

\hyphenation{yourword yourword ...}– Sunilkumar KS Nov 11 '15 at 10:02