I will meditate
siyach (see'-akh)
to ponder, i.e. (by implication) converse (with oneself, and hence, aloud) or (transitively) utter -- commune, complain, declare, meditate, muse, pray, speak, talk (with).
in thy precepts
piqquwd (pik-kood')
appointed, i.e. a mandate (of God; plural only, collectively, for the Law) -- commandment, precept, statute.
and have respect
nabat (naw-bat')
to scan, i.e. look intently at; by implication, to regard with pleasure, favor or care -- (cause to) behold, consider, look (down), regard, have respect, see.
unto thy ways
'orach (o'-rakh)
a well-trodden road; also a caravan -- manner, path, race, rank, traveller, troop, (by-, high-)way.