My study and reading on this subject has been such a wonderful endeavor. It has led me to the Scripture, to various theologians and their writings and has strengthened my understanding of Grace, particular and sovereign Grace.
I think Martin Luther had it right in his following statement taken from his preface to the book of Romans:
Grace and gift differ in that grace actually denotes God's kindness or favor which he has toward us and by which he is disposed to pour Christ and the Spirit with his gifts into us, as becomes clear from chapter 5, where Paul says, "Grace and gift are in Christ, etc." The gifts and the Spirit increase daily in us, yet they are not complete, since evil desires and sins remain in us which war against the Spirit, as Paul says in chapter 7, and in Galatians, chapter 5. And Genesis, chapter 3, proclaims the enmity between the offspring of the woman and that of the serpent. But grace does do this much: that we are accounted completely just before God. God's grace is not divided into bits and pieces, as are the gifts, but grace takes us up completely into God's favor for the sake of Christ, our intercessor and mediator, so that the gifts may begin their work in us.
Think of it, taken up completely into God’s favor for the sake of Christ. We are taken up completely in Christ Jesus, by Grace; therefore we are complete IN Him, lacking not one single thing. Grace is complete; Grace is the elect’s ‘perfect merit’ in Christ, our justification unto life (justified freely by His Grace). Faith and repentance are the gifts that flow from Grace, our transformation of life, the spiritual advancements worked in us by the Holy Spirit.
I have this favor of God and I was given it before the world began (2 Ti: 1:9). I think of it and remember it as particular to the elect and as I journey here for a time I long for the day when I will realize that Grace to its fullest when I will see Him face to face.