No, it is not correct. Position is a property of BasePart, but WiseDumbledore is a Model, a Model does not have x, y, or z as Properties.
What you should do is get the position (a Vector3) of the Torso (a specific part of the Character) and then you can assign it to the Part that you want:
positionOfTorso = workspace.WiseDumbledore.Torso.Position
workspace.Part.Position = positionOfTorso
Alternatively, you can set the CFrame (CoordinateFrame) of the Part and this will allow you to put parts inside each other (i.e. instead of placing the Part on top of the player)
positionOfTorso = workspace.WiseDumbledore.Torso.Position
workspace.Part.CFrame = CFrame.new(positionOfTorso)
... or you could just do it in one line by referring directly to the CFrame of the Torso
workspace.Part.CFrame = workspace.WiseDumbledore.Torso.CFrame
Hope that helps!