So from an etymological standpoint I derived the following definition of the phrase.
To find ones way toward a feeling of binding protection. In the enclosure of which binding protection we perceive Holiness.
Now those are a bunch of words that in very specific terms expound a very simple phrase. It is a story that is contained in a few words.
Sitting in a family home evening uninterested and non-attentive. Then suddenly everything shifts and reaches a slow motion state. I remember the Spirit intervasing and energizing me. Then leaving. I became aware. I began to develop a sense of the sacred.
On a mission. I prayed to Heavenly Father that he would let me lie down in the snow, in the freezing weather, and let me die. I was told no. I was loved and needed. I began to develop a sense of the sacred.
I was in a college class and discouraged. Felt alone and forsaken. I walked into institute and met happy people. I went to class and was born testimony of the love of God. I began to develop a sense of the sacred.
I started working in the temple. I was tutored by some of the oldest, wisest people I have ever known. I sat at the feet of men who have a sense of the sacred. I understood. I was developing a sense of the sacred.
I meet people everyday who show the attributes of the Savior and I strive to emulate their examples. They have begun to develop a sense of the sacred.
It is more than respect. Although it is that. It is more than anything individually exclusive. It is about covenants and growth and a relationship that spans time and eternity. The deeper we understand that and the farther along that road we travel, we feel a constant connection to the will of God.
It changes everything that we say and do. What we think and our priorities. A Sense of the Sacred changes everything else about us because we become different. We become Holy.
This is still a developing idea like most things spiritual. So I might be either adding parts or updating as I think about it more.