That seems like a reasonable starting point.
The servos need far more current than the Arduino itself can supply (i.e. going through its internal regulator) so the servos need to be connected directly to their power supply. A typical servo can draw up to about an Amp, so with two servos it would be sensible to aim for a 2A power supply for the servos. You might be able to get away with powering the servos and the Arduino from a shared 5V supply, but servos generate a fair bit of electrical noise which can upset the Arduino - it's safer to give the Arduino and the servos their own separate power supplies. If using separate supplies, you need to connect the servo power supply's ground to the Arduino ground.