Why does it say "ba'Kodesh Darkecha"?
Rashi: The way of Your Midos is to sanctify Your name in the world, to do justice to Resha'im.
Radak #1: "Ba'Kodesh" is in Shamayim. From Your ways that we see in Shamayim, we say "who is a great G-d like Elokim?!" This is like "Mi Chamocha ba'Elim Hashem Mi Chamocha Nedar ba'Kodesh" (Shemos 15:11).
Radak #2: "Ba'Kodesh" refers to Ma'amad Har Sinai - "Hashem Vam Sinai ba'Kodesh" (68:18).
Malbim: Your way, due to Yourself, is ba'Kodesh. Kodesh refers to something separated from everything. He goes according to encompassing, fixed laws.
What is the meaning of "Mi Kel Gadol kEi'lokim"?
Radak #1: El 1 refers to angels and spheres [that house the Heavenly bodies]. One who contemplates them knows that their power is from the first Cause; one cannot rely on them themselves. None of them is like You, for You give and they receive.
Radak #2: When He descended in His honor on Har Sinai, all Yisrael said "who is a great G-d like Elokim?!"
Malbim: Gedulah means that all results come from Him. There is no need to fix Your deeds via miracles and nullifying nature, since there is no cause or result not from You. Everything is tied to You from the beginning of causes until the final result.
This is not in all texts of Radak. The texts in which it is brought say the same about 'Elokim.' It seems to me that both 'Elokim's' in this verse refer to Hashem! (PF)