We formulate and study the microscopic statistical mechanics of systems of particles with exclusion statistics in a discrete one-body spectrum. The statistical mechanics of these systems can be expressed in terms of effective single-level grand partition functions obeying a generalization of the standard thermodynamic exclusion statistics equation of state. We derive explicit expressions for the thermodynamic potential in terms of microscopic cluster coefficients and show that the mean occupation numbers of levels satisfy a nesting relation involving a number of adjacent levels determined by the exclusion parameter. We apply the formalism to the harmonic Calogero model and point out a relation with the Ramanujan continued fraction identity and appropriate generalizations.