תּוּשְׁבַּחְתָּא לְדָוִד הֲבוּן קֳדָם יְיָ תּוּשְׁבַּחְתָּא כַתֵּי מַלְאֲכַיָא בְנֵי אֵלִים הֲבוּן קֳדָם יְיָ אַיְקַר וְעֻשְׁנָא.
1. of David | לְדָוִד – Many psalms include "לְדָוִד" in their title. See Ibn Ezra and Radak in their introductions to the book, that the term can mean either that the psalm was composed by David, about David, or in honor of David. This psalm describes a fierce storm over which Hashem prevails, highlighting the awesome forces of nature within which "God's voice" is consistently heard. Some take it as face value (Ibn Ezra, Malbim), while others suggest that the natural forces are a metaphor for the nation's enemies who will be defeated by Hashem (opinion in Radak). Cf. Rashi that the psalm describes the fearsome atmosphere and events surrounding the Revelation at Sinai, and compare similar imagery in Shemot 19:16, Shofetim 5:4-5 and Tehillim 114. For discussion, see Psalm 29.
2. Ascribe | הָבוּ – See Ibn Ezra. Or, similarly: "give". Cf. Rashi who suggests: "Prepare", and see Malbim who similarly notes that often the word serves as an invitation to action (as per its usage in Bereshit 11:3-4 and Shemot 1:7). Hoil Moshe notes the difference between this verb and the somewhat synonymous ""לתת (to give), suggesting that the root "יהב" means to set or lay out something before another, while the root "נתן" refers to giving something into another's hand.
3. to Hashem | לַי"י – The proper name of Hashem is mentioned 18 times in this psalm. See Bavli Berakhot 28b that the eighteen blessings of the Amidah prayer correspond to these eighteen mentions of Hashem's name, and see Midrash Tehillim which finds allusions to each of the individual blessings in the psalm.
4. mighty ones | בְּנֵי אֵלִים – See Machberet Menachem who notes that "אֵל" can mean not only god, but also power or strength, as per the word's usage in Bereshit 31:29 and Mishlei 3:27. The phrase might refer to mighty people (Rashi, Sforno) or to the mighty forces of nature who will submit to God (Malbim). Alternatively, the phrase might be translated as: "sons of gods" with Ibn Ezra and Radak suggesting that this refers to the stars (pointing to the parallel between "stars" and "sons of gods" in Iyyov 38:7). Hoil Moshe, instead, suggests that the phrase refers to angels, pointing to Tehillim 89:7 for such usage.