In plain words
It is he who, as this person, bewildered by maya, sees the world in waking and in dream as effect and cause, master and servant, disciple and Guru, son and father, and the rest. Homage to that Dakshinamurti, the Guru present in the world. Tamil explanatory prose: It is he who is this person, deluded by maya, seeing the world in waking and in dream as the differences of effect and cause, master and servant (the one who owns and the one owned), disciple and Guru, son and father. Salutation to that Dakshinamurti, Guru of the world.
Word for word
Appearing as this person, He sees the world in waking and dream, confused by maya, as effect and cause, master and servant, disciple and Guru, son and father, and other such distinctions. Homage to that Dakshinamurti, the Guru present in the world.