I think you're right about this verse referring to the GWT Judgement, Luke. The entire Psalm seems to support that David is looking to Christ ruling as a King on earth. Especially verse 4 :
Psalms 5:4 For thou art not a God that hath pleasure in wickedness: neither shall evil
dwell with thee.
Psalms 5:5
The foolish shall not stand in thy sight: thou hatest all workers of iniquity.
Psalms 5:6
Thou shalt destroy them that speak leasing: the LORD will abhor the bloody and deceitful man.
Thanks for pointing that out.