Psalm 23, and especially the first four verses of the psalm, is deeply metaphorical, and it is unlikely that any specific place is being referenced.

Although no original sense or setting can be definitively determined, Psalm 23 is generally believed to be a psalm of confidence or trust. Its first four verses characterize the Lord as a divine shepherd and the psalmist as a sheep in the Lord's flock. The psalmist is utilizing this metaphor to express confidence that, like his ancestors in the Wilderness, he too will receive protection and provision from the Lord.

Describing the Lord as a shepherd is of ancient Hebrew tradition and has parallels in other Near Eastern religions. It is also found in other psalms (e.g., 77, 80, 95). However, unlike in other uses, here the Lord is described as "my" shepherd by the psalmist, in contrast with the more common communal usage where the Lord is specifically envisioned as shepherding an entire flock. It is possible that the psalm was originally and individual psalm that was later adapted to communal use.

Verse four continues the Lord/shepherd metaphor found in the preceding three verses. It refers to the psalmist/sheep walking through a valley. The Hebrew word describing the valley literally means "very deep shadow" or "total darkness." This, like the rest of the Psalm, has associations with the Exodus, wherein the Hebrews wandered through the Wilderness's deep shadow. However, the expression can also convey the threat of death (e.g., Job 10:21-22). The psalmist nonetheless does not fear, due to the protection offered by the Lord (metaphorically, this protection is offered through the shepherd's rod and staff). The valley thus serves to illustrate further the confidence the psalmist places in the Lord, rather than to refer to a specific landmark.

19 Peter C. Craigie & Marvin E. Tate, Word Biblical Commentary: Psalms 1-50 (2nd ed. 2004)