How is Hashem "Gadol"?
Radak: He is Gadol "Al Kol Elohim", i.e. the angels. They aggrandize, elevate, praise and fear Him.
Malbim: "Gadol" shows that He is the First and last cause of everything. His strength spreads over the entire creation.
How is Hashem "Mehulal"?
Malbim: Everything is made with the ultimate Chachmah and Chesed. In every detail, His ability, Chachmah and goodness are seen.
How is Hashem "Nora... Al Kol Elohim"?
Gra (Divrei ha'Yamim I, 16:25): Elohim are the Galgalim and individual (angels appointed over Heavenly bodies). "Va'Shem Shamayim Asah" (5) therefore He is awesome over them.
Malbim: Do not say that natural powers are fixed, and He cannot change them, like a craftsman who made something. After he made it, it does not need him. So natural powers stand and act with their own strength. No! He is awesome over all Elohim. All powers fear Him, for He can change or nullify them, for their existence depends on His will. If His desire departs from them, they cease.