The internal meaning of this verse bears out the peaceful nature of the imagery, but also shows that it depicts a time of learning, not just of rest.

Lying down, according to the Writings, represents a state of spiritual serenity, when tempations are distant. Plants represent facts and knowledge; green plants represent facts and knowledge that can lead us to be good and useful; pastures represent an abundance of such knowledge. Being led by the Lord represents acceptance of the fact that he is leading us toward heaven in everything that happens to us in every moment of every day. "Still" represents the peaceful state of being aligned with the Lord's will, and "waters" represent true ideas, in which knowledge is aligned with the desire for good.

So if we let the Lord lead us, let Him be in charge, he will open our minds, calm our spiritual struggles, care for us constantly, and show us how to live thoughtfully and well.

(References: Apocalypse Explained 375 [34])