The residual finite-dimensionality of a C^∗-algebra is known to be encoded in a topological property of its space of representations, stating that finite-dimensional representations should be dense therein. We extend this paradigm to general (possibly non-self-adjoint) operator algebras. While numerous subtleties emerge in this greater generality, we exhibit novel tools for constructing finite-dimensional approximations. One such tool is a notion of a residually finite-dimensional coaction of a semigroup on an operator algebra, which allows us to construct finite-dimensional approximations for operator algebras of functions and operator algebras of semigroups. Our investigation is intimately related to the question of when residual finite-dimensionality of an operator algebra is inherited by its maximal C^∗-cover, which we establish in many cases of interest.