וַיֹּ֗אמֶר הִנֵּ֣ה אָנֹכִי֮ כֹּרֵ֣ת בְּרִית֒ נֶ֤גֶד כָּֽל־עַמְּךָ֙ אֶעֱשֶׂ֣ה נִפְלָאֹ֔ת אֲשֶׁ֛ר לֹֽא־נִבְרְא֥וּ בְכָל־הָאָ֖רֶץ וּבְכָל־הַגּוֹיִ֑ם וְרָאָ֣ה כָל־הָ֠עָם אֲשֶׁר־אַתָּ֨ה בְקִרְבּ֜וֹ אֶת־מַעֲשֵׂ֤ה יְהוָה֙ כִּֽי־נוֹרָ֣א ה֔וּא אֲשֶׁ֥ר אֲנִ֖י עֹשֶׂ֥ה עִמָּֽךְ׃
E Ele disse: "Eis que farei uma aliança; diante de todo o teu povo realizarei maravilhas que nunca foram criadas em toda a terra ou entre todas as nações; e todo o povo no meio do qual tu estás verá a obra de יהוה, pois é terrível aquilo que Eu farei contigo.
Shenei Luchot HaBerit
In any event the term Elohim used in these two verses refers to Moses whom G–d had elevated to such a position. The reference to the Jewish people becoming His people refers to their appointment as G–d's צבאו, "army." The words: לשים לו שם, are to be understood in the same way as the verse in Samuel II 8,13, which speaks about David making a "name," in line with the Zohar which describes performing G–d's commandments as making a "name" for G–d, i.e. ועשיתם אותם-ועשיתם אתם. The words לעשות לכם הגדולה ונוראות, refer both to G–d and to Israel. As far as G–d is concerned, we are already familiar with the hints contained in the line ועשיתם אתם that such performance is tantamount to "making G–d," hence the word "הגדולה," "the (known) greatness." As far as the people of Israel is concerned, the word: ונוראות alludes to the spiritual elevation achieved by Israel as mentioned in Exodus 34,10: וראה כל העם אשר אתה בקרבו את מעשה השם כי נורא הוא אשר אני עושה עמך, "And the whole nation among whom you are will see the work of the Lord that I am about to do with you, that it is awesome."