Therefore being justified by faith, we have peace with God through our Lord Jesus Christ:
-When we believe on the death, burial, and resurrection of the Lord Jesus for our sins we are justified, made clean, just as if we never sinned, bringing peace into our lives--not just any peace, the peace that surpassing all understanding, peace with God and from God because we have received forgiveness by his sacrifice.
By whom also we have access by faith into this grace in which we stand,
-Through Jesus, our faith on him enables us to stand boldly in the presence of perfect holy God and receive grace, the blessings that we could never earn or deserve.
and rejoice in the hope of the glory of God.
-Beloved, now are we the sons of God, and it doth not yet appear what we shall be: but we know that, when he shall appear, we shall be like him; for we shall see him as he is. And every man that has this hope purifies himself even as he is pure.(1 John 3:2-3)
And not only so, but we glory in tribulation also:
-So we should rejoice in the troubles, trials, and temptations that come our way?.. why?... because we know what is to come:
knowing that tribulation worketh patience;
-When we are tried, patience is produced. We learn to wait upon our redeemer and rescuer.
And patience, experience;
-So patience brings experience--our patiently waiting brings about a familiarity, a knowledge of Gods faithfulness to bring us through and provide the very thing we need the moment we need it.
and experience, hope:
-When we have the experience of the Lord's faithfulness to continually uphold, deliver, protect, and provide in difficult situations we can look forward hoping-confidently awaiting His provision, being fully assured of his future deliverance, by seeing his past faithfulness. --And we know that all things work together for good to them that are the called according to his purpose. (Romans 8:28)
And hope maketh not ashamed;
-We don't ever have to be ashamed or question the hope that is produced, in fact we need to always be ready to give an answer of the hope that lies within us.
because the love of God is shed abroad in our hearts by the Holy Spirit which is given unto us.
Behold, what manner of love the Father
has bestowed upon us that we should be called
the sons of God. (1 John 3:1)