"Lord, you establish peace for us; all that we have accomplished you have done for us." NIV translation
The song continues as the saints rejoice in the fact that Jesus has brought peace to the earth but, more importantly, He has brought peace between them and God. There are all sorts of conflicts and peace plans in the news these days but this verse reminds us that real peace is not possible without the presence of the Prince of Peace. We are reminded that, in the last days, there will be a world leader arise that will promise to bring this kind of peace but it will not last because it is not of God.
"Lord, our God, other lords besides you have ruled over us, but your name alone do we honor. They are now dead, they live no more; their spirits do not rise. You punished them and brought them to ruin; you wiped out all memory of them." NIV translation
God's people were subject to men as kings over them but the reign of Christ is much different. He is honored and His reign is just and with love.
Those that oppressed His people have been judged and are not even in their memories anymore.
"You have enlarged the nation, Lord; you have enlarged the nation. You have gained glory for yourself; you have extended all the borders of the land." NIV translation
This verse has a twofold meaning as it refers to the land and to God's people. First, it speaks of the fact that Jew and Gentile are united in Jesus Christ to become one people under His rule.
Secondly, the land of God's people has been extended to the very ends of the earth. During the Old Testament times, the land of Israel (the land of God's people) was limited and was constantly facing threats of invasion from other nations. This has continued and even increased to this day but, with the arrival of Jesus Christ, the entire earth is for those who believe in Him. The entire earth will glorify God and all of those who opposed Jesus and His people will be removed and face the judgment of hell.