I will exalt You is a call to praise and thank the Lord (Psalms 34:3; 81:1; 99:5, 9; 107:32; 118:28; 145:1; see Exodus 15:1; Isaiah 25:1).
You have lifted me up: God saved the psalmist from death (Psalm 30:3).
God, in his justice and care, did not let the psalmist’s enemies win (see Psalms 26:9; 27:12; 28:3; 31:8).