Spectromagic is a parade inside Magic Kingdom, and can't be seen from outside the park. Narcoosee's is at GF, on the opposite side of a large lake (Seven Seas Lagoon) from the MK. The only parts of MK you can see from over there are the castle and part of the Space Mountain building.
As Tricia said, Narcoosee's is a great viewing spot for Wishes, and for the Electrical Water Pageant. There's a small deck outside the restaurant that's good for watching either show.