Is it correct to say "This is by the grace of my Lord" when one is pleased with something they possess, and is it equivalent to "What Allah wills, there is no power except with Allah," and does it suffice for it?

Acknowledging blessings and attributing them to Allah Almighty, with the phrase "This is by the grace of my Lord," is an act of gratitude to Allah, as did Sulaiman (peace be upon him). The phrase "Mashallah, there is no power except with Allah" means delegating power and will to Allah, and it is a legitimate remembrance upon receiving blessings, encouraging praise of Allah for His bestowals. Both phrases express attributing blessings to Allah. A distinction must be made between the station of attributing grace to Allah and the station of seeking blessings and guarding against envy. Both should be combined, for the Prophet (peace be upon him) encouraged praying for blessings upon seeing something admirable in oneself, one's wealth, or one's brother.