BJT Current limiter for linear power supply
You are more or less right, but this is not a good solution. 
Your voltage at the collector of q2 will never get much above 1.4v. And your 190 ohm R1 will dissipate 30x0.15 = 4.5W

Because you have feedback you can use a fet to pass the current and make R1 much bigger. You will probably have to use heat sinks on Rsense (1W+), and your pass transistor q1 will have to take the full whack of power. That is near enough 45W. Also, your limit will vary by at least 300mA across the temperature range, maybe 1.3A minimum to 1.6A maximum. 

There are many more efficient and more accurate solutions. What other design criteria do you have? Eg Cost, Accuracy, board space?

Followup to comments:
Below, Enrico asked to see some alternatives. One possibility is to use Lmp8646 which is a current sense amplifier from TI. You would need Rsense of about 0.1R. Set the gain accordingly then feed the output into a comparator. Use the comparator to turn off the supply (does your regulator have an enable input?). For this circuit you would need a fixed supply less to power the ic, comparator, and reference. The resistor would dissipate just under 0.25W. I would suggest putting a lot of hysteresis on the comparator and also a capacitor on the output to stop the thing switching on and off very fast during fault condition. You could instead latch the supply off until a reset button is pressed. 

This IC is also suitable for more sophisticated current control, such as variable current limiting and folding back the supply voltage by connecting the output into the regulator feedback. It is just the first one I came across - other brands / circuits are available.