This is David's Psalm of Praise. It is the only psalm with that name, and it is the ultimate example of giving praise to our God. Praise is different from thanksgiving. Thanksgiving is gratitude for what God has done that affects us personally. When we praise God, we recognize who He is in His unchanging nature. We recognize His great works as demonstrations of His attributes. We recognize His greatness, goodness, righteousness, faithfulness, and love. We recognize His position as the great King over all things, for all time.
Three segments of people are important when it comes to praise: God, God's people, and God's person. God is the object of our praise. We respond to who He is with our praise. God's people, the congregation of the saints, is responsible to pass on the knowledge of His greatness from generation to generation; to proclaim His mighty deeds; to celebrate together His goodness; to make known the glorious splendor of His majesty. God's person, the individual, is responsible to meditate--keep always in mind--on His wonderful works; proclaim His great deeds; commit to give praise to God at all times, for all time.