This quote is a good example of the difference between a spoken statement and a written one. In the KJV, verbs are added to make complete sentences, but the original makes perfect sense without those verbs if spoken.  The verse has an interesting contrast. The two opposing words, "highly esteemed" and "abomination" are in the same form and appear next to each other as if the adjective "high" modified the noun "abomination". 

The pronoun "ye" is used explicitly as the subject of the sentence. Since it is already part of the verb, its use here creates emphasis on the "you" as we might say "you yourselves." It is plural.

The verb "are" here is the common form of "to be" in Greek. It means to have a certain characteristic or remain in a certain condition. It also equates terms or assigns characteristics.

"They which justify" is a Greek verb that means "to set right", "hold or deem right", "proved", "tested," and "to do a man justice." It is in the form of an adjective, "deeming" used as a noun, "those deeming". 

"Yourselves " is a special reflexive pronoun that means "himself", "herself," and so on.

The Greek term translated as "before" is not used outside of Luke except once in John. It appears here for the first time in Jesus's words here. It means "in front of". 

The Greek word for "men" means "man", "person" and "humanity" in the singular. In the plural, it means "men", "people", and "peoples". 

The Greek word translated as "but" means "but", "however", and "on the other hand". Since it always falls in the second position, translating it as "however" often captures its feeling better. 

The word translated as "God" means "God" and "deity." It is introduced with an article, so "the God." Jesus often uses it this way perhaps to indicate the one God as opposed to the pagan gods

"Knoweth" is a verb that means "to know", "to recognize", "make known", "to know carnally," and "to learn.

The word translated as "your" is plural addressing a group of Jesus's listeners.

"Hearts" is the Greek word that means "heart" both the physical organ and as the seat of emotions, which we discuss in a larger Greek context in this article here. However, this phrase can be read as defining the "heart" and both the "soul" and "the mind".

The Greek source of "for" is a word that means "that" or "because." 

The word translated as "that which" is the Greek definite article, which usually precedes a noun and, without a noun, takes the meaning of "the one." The Greek article is much closer to our demonstrative pronouns ("this", "that", "these", "those"). See this article for more. 

There is no Greek verb "is" here. It is added to make a complete phrase.

The Greek adjective translated as "highly esteemed" means "high, "lofty", "stately", "proud", "up raised" and "mighty".  It is only used by Jesus here in the Gospels. Everywhere else it is used to refer to the height of a mountain. 

The word translated as "among" also means "within", "with," or "among."

The Greek word for "men" means "man", "person" and "humanity" in the singular. In the plural, it means "men", "people", and "peoples". 

There is no "is" in the Greek. It is added to make a sentence of a spoken phrase.

"Abomination" is translated from a Greek word appears first in Septuagint, the Greek OT, but it doesn't appear elsewhere in Greek writings, except, of course, in the NT and religious writing after Christ. It is translated consistently as "abomination," but a related noun means "sickness", "nausea," "filth," and "nastiness." The verb form means "to feel loathing for food", "to make a stink," and "to make loathsome." The most common word of this root word is the adjective that means "disgusting" and "loathsome." 

The Greek term translated as "before" is not used outside of Luke except once in John. It appears here for the first time in Jesus's words here. It means "in front of". 

The word translated as "God" means "God" and "deity." It is introduced with an article, so "the God." Jesus often uses it this way perhaps to indicate the one God as opposed to the pagan gods.