So you booked one of the first of the new parties. If they are using the same space as the last time they tried this (and I imagine they are) yes it is right next to where the parade goes through. Is it a good view and optimal?, not really to me if you want a full view. You will have folks lined up on sidewalk in front of you, still have half the sidewalk used for people walking through and that end of the garden is the most narrow so everyone looking will push to that end. And while we don't know yet how it will play ... it could be that once the fireworks are done they will open the garden up to all so get your spot asap.
I believe you will be in the garden to the right above the number 8. The red is the parade route. You will have a view for sure, at least head level and above. Probably be crowded in and have lots of folks in front of you. Depends on what you want for a view. I've seen it so many times I wouldn't care but ............ with next week being their last week for parade and party nights, anticipate very large crowds.
http://www.itsmousetime.com/2015/02/28/new-magic-kingdom-guide-map-shows-changes-hub-area/