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[natural-log]

Spoiler

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For panel 2, am I on the right track?

=panel 1
The children of Miare.

=panel 2
The ones who made it possible to continue compiling the Gensoukyou Chronicle, the record that has been compiled for ages by Hieda-no-Are, the 1st generation.

A name to refer the same individual that has been reincarnating for generations.

 

[mikkih]

For panel 2, am I on the right track?

=panel 1
The children of Miare.

=panel 2
The ones who made it possible to continue compiling the Gensoukyou Chronicle, the record that has been compiled for ages by Hieda-no-Are, the 1st generation.

A name to refer the same individual that has been reincarnating for generations.

As you can see, those 3 (panel 1+2) make a single sentence in Japanese. (1st and the 3rd are the main part of the sentence.) You are on the right track for sure, and how you break it up is your personal preference.