Barry, I think the way you are taking it is the same way many versions take it, so you’re in good company.
The NET has an interesting emendation, replacing שִׁמְךָ (‘your name’) with שָׁמֶיךָ (‘your heavens’), rendering the clause: ‘for you have exalted your promise above the entire sky.’
The LXX reflects a text that omits the 2ms pronominal suffix on שֵׁם, with the ensuing rendering: ὅτι ἐμεγάλυνας ἐπὶ πᾶν ὄνομα τὸ λόγιόν σου (‘for you have magnified above every name your word’).
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