Well yeah! He's in a dream. Like the girl is the "miracle,:" and he's saying goodnight because he's about to dream about her again. "Morning star/you're beautiful" could be interpreted as the final hours of his sleep is creeping up on him, and he's still telling his dream girl that she is beautiful. But, I'm taking the lyrics very literally here.
Miracle goodnight always reminds me of the first month that my true love and I met. I will never forget that feeling of first realizing that you're in love and you can't stop thinking about that person, night or day, and sometimes that person will creep into your dreams. Everything we did together during those first few weeks was like a golden ball tossed into a wishing pond. Too bad there are only so many golden balls to toss... but every once in a while the basket gets refilled and you can start throwing wishes into the pond again. I love when that little spark flies up again and sets everything around it on fire!!
"Mother is the word for God on the lips and hearts of all children"--Eric Draven (Brandon Lee), "The Crow"