Now there was a man in Jerusalem, whose name was Simeon, and this man was righteous and devout, waiting for the consolation of Israel, and the Holy Spirit was upon him. (ESV)
καὶ ἰδοὺ ἄνθρωπος ἦν ἐν Ἰερουσαλὴμ ᾧ ὄνομα Συμεών καὶ ὁ ἄνθρωπος οὗτος δίκαιος καὶ εὐλαβής προσδεχόμενος παράκλησιν τοῦ Ἰσραήλ καὶ πνεῦμα ἦν ἅγιον ἐπ’ αὐτόν
The root of παράκλησις "consoloation" is παρακαλέω "comfort" which opens the prophecy of Israel's restoration in Isaiah 40:
Comfort, comfort my people, says your God. (Isaiah 40:1)
παρακαλεῖτε παρακαλεῖτε τὸν λαόν μου λέγει ὁ θεός
Richard B. Hays sees this connection:
The theme of consolation is the keynote sounded at the beginning of Isaiah's prophecy of return and restoration: Comfort, comfort my people (LXX: παρακαλεῖτε παρακαλεῖτε τὸν λαόν μου), says God. (Isa 40:1). In other words, to say that Simeon was awaiting "the παράκλησις of Israel" can only mean one thing: he was remembering Isaiah 40 and awaiting the fulfillment of Isaiah's prophecy that Israel's time of punishment and exile would come to an end.1
Hays notes Simeon calls the consolation of Israel the salvation of God (2:30 ...τὸ σωτήριόν σου) which connects both Isaiah 40 and Luke 3:6:
These anticipatory ripples of Isaiah 40 in 2:30-32 are instances of the Vorklang of an allusion, faint sympathetic soundings that precede a louder citation later in the same text.2
Hays also notes that Luke 3:3-6 is the last citation the author makes in Luke-Acts and announces the mission is not only to end Israel's exile, but will bring salvation to "all flesh." (Luke 3:6 & Isaiah 40:3-5). This is the same note on which Acts closes:
Therefore let it be known to you that this salvation of God (τοῦτο τὸ σωτήριον τοῦ θεοῦ) has been sent to the Gentiles; they will listen. (Acts 28:28)
The important aspect is Simeon sees the consolation of Israel not in the limited sense of restoring the kingdom to Israel but one which brings God's salvation to all people (2:32).
1. Richard B. Hays, Echoes of Scripture in the Gospels, Baylor university Press, 2016, p. 217
2. Ibid.