Question

Where is the Milky Way located relative to rest of the universe?

Answer 1

Milky Way is one of many galaxies that exist near (like Andromeda) and far beyond. There is no absolute frame of reference to mark one relative to the other.

Explanation:

Despite advances in instrumentation and measurements in all directions, the Holistic Whole of Universe is yet to be realized.
As of now, there is no absolute frame of reference to relate Milky May to every other known and surmised galaxies, in the observable universe.
In brief, there is no preferred space for fixing a frame of reference, other than the Earth orbiting around the Sun, and the Sun orbiting around the Milky Way center..