vāyuḥ - air; yamaḥ - the controller; agniḥ - fire; varuṇaḥ - water; śaśa-aṅkaḥ - the moon; prajāpatiḥ - Brahmā; tvam - You; prapitāmahaḥ - the great-grandfather; ca - also; namaḥ - my respects; namaḥ - again my respects; te - unto You; astu - let there be; sahasra-kṛtvaḥ - a thousand times; punaḥ ca - and again; bhūyaḥ - again; api - also; namaḥ - offering my respects; namaḥ te - offering my respects unto You.
The Lord is addressed here as air because the air is the most important representation of all the demigods, being all-pervasive. Arjuna also addresses Kṛṣṇa as the great-grandfather because He is the father of Brahmā, the first living creature in the universe.