Your equation is perfectly valid (with the caveat spotted by @Semiclassical).
The parametric equation of a line defined by 2 points in projective space is usually derived from a reasoning on the rank of matrix:
$$\left(\begin{array}{l l l} X_1 & X_2 & X \\ Y_1 & Y_2 & Y \\ Z_1 & Z_2 & Z \end{array}\right) $$
By definition of a projective line, this rank has to be 2; which is equivalent to the fact that the last column can be expressed as linear combination of the first two columns:
$$\tag{1}M:=\left(\begin{array}{l l l} X \\ Y \\ Z \end{array}\right)=\alpha_1\left(\begin{array}{l l l} X_1 \\ Y_1 \\ Z_1 \end{array}\right)+\alpha_2\left(\begin{array}{l l l} X_2 \\ Y_2 \\ Z_2 \end{array}\right)$$
Edit (following a remark by @MvG pointing an error of mine in a first draft):
Two cases can occur:
- either $\alpha_1+\alpha_2 \neq 0$, and point $M$ is said "an ordinary point". In this case, we can further normalize this linear combination (considering that we can take taking $\alpha_1+\alpha_2=1$), due do the fact that projective coordinates are defined up to a multiplicative factor. Thus (1) implies:
$$M:=\left(\begin{array}{l l l} X \\ Y \\ Z \end{array}\right) \sim k\alpha_1\left(\begin{array}{l l l} X_1 \\ Y_1 \\ Z_1 \end{array}\right)+k\alpha_2\left(\begin{array}{l l l} X_2 \\ Y_2 \\ Z_2 \end{array}\right)$$
where $k$ is any nonzero real number, for example $1/(\alpha_1+\alpha_2)$, and symbol $\sim$ means "proportional to" (= with equivalence relationship "defined up to a non zero multiplicative factor"). We check immediately that the new coefficients $\alpha'_1:=\alpha_1/(\alpha_1+\alpha_2),\alpha'_2:=\alpha_2/(\alpha_1+\alpha_2)$ sum up to $1$.
Remark: this way of writing things is important because, in this way, as we are in affine geometry, the bridge is made with the barycentrical approach.
- or $\alpha_1+\alpha_2=0$. In this case, (1) becomes:
$$M:=\left(\begin{array}{l l l} X \\ Y \\ Z \end{array}\right) \sim \left(\begin{array}{l l l} X_1 \\ Y_1 \\ Z_1 \end{array}\right)-\left(\begin{array}{l l l} X_2 \\ Y_2 \\ Z_2 \end{array}\right)$$
i.e., is equivalent to a vector. Point $M$ is said "at infinity".
Remark: A key point in the understanding of projective geometry is the bijective correspondence between vectors (up to a sign change) and points at infinity.