The subject is the compound gotamasavaka (disciples of Gotama, nominative plural). The verb is pabujjhanti (awaken, 3rd person, plural, active indicative, present tense). It has two attributes, the adverbs suppabuddhaj (well "awakenedly") and sada (always). There is a clause dependent on the subject: yesaj diva ca ratto ca niccaj dhammagata sati (whose mindfulness is day and night constantly directed to the Dharma). The subject is the noun sati (mindfulness, nominative singular). It has an attribute, the compound dhammagata (directed to the Dharma, nominative singular). The verb is omitted, implying the verb "to be". It has three attributes, the adverbs niccaj (constantly), diva (by day) and ratto (by night). The last two of these are connected by two conjunctions ca (and). The relative adverb yesaj (whose, genitive plural) connects the clause to the subject of the main sentence.
The story for this verse is identical with the one for the previous verse (DhP 296) and the four following ones (DhP 298 - DhP 301). Recollection of the qualities of the Buddha, Dharma and Sangha is one of the most favorite meditation subjects in the meditation of insight (vipassana).