So how do we understand a psalm which uses two examples which are simply not appropriate in our 21st century lives? We can’t really understand language of slaves and masters. I guess not understanding isn’t the point, the point is more that it simply is a tragic example for us and not one that we would hope someone who wrote Scripture would write. The same is true with maidens and their use in religious rites as the vestal virgins in the days of David and after.
So maybe we could say something along the lines of: as the eyes of the players look to the hand of their coach and as the eyes of the workers look to the hand of the employer, so our eyes look to the Lord our God, until He has mercy. That works for me.