PY: The context of that quote comes from the first sicha delivered as rebbe on 10 Shevat 5711. It was a response to the question, “If Judaism does not allow us reach Hashem through an intermediary, then how are we permitted to ask a rebbe to daven for us? Is he not an intermediary?”
The rebbe answered, that going to a Rebbe is not going to an intermediary. It is like going to Hashem directly, as the rebbe is a chelek of Hashem himself. Then in explanation of that line comes my quote printed above.