[edit. This psalm was written by David and is one of the "Songs of Ascents" that were traditionally sung by the Jewish people on their way to the Temple in Jerusalem. It expresses gratitude to God for His protection and deliverance from their enemies. The term "Israel Saba" is used to refer to the Jewish people as a whole, with "saba" meaning "grandfather" or "elder." The Midrash relates that Jacob, the grandfather of the twelve tribes of Israel, slept at the very spot where the Temple was eventually built, and that it was from this experience that the name "Israel Saba" came to be used in this psalm.]
David's Song of Jacob
Midrash Tehillim 124:2