God's good pleasure, favorable disposition, or willing acceptance. Ratzon captures both the subjective delight God takes in something and the objective state of being accepted/favored before him. 'To find ratzon' with God is to be in a state of divine approval. It also describes human desire and will, making it a rich word for the alignment of human will with divine pleasure.
The priestly blessing (Num 6:25) invokes God's face shining — essentially, his ratzon. Psalm 30:7 gives the flip side: when God hid his face, the psalmist was troubled. The NT 'good will toward men' in the Christmas angels' song (Luke 2:14) translates eudokia — the Greek equivalent. Isaiah 61's 'year of the LORD's favor' is the ratzon-year — the acceptable time that Jesus announces has arrived (Luke 4:19).