59.94 Monitoring with UltraStudio Mini Monitor

I am trying to monitor a 1080i/59.94 sequence thru Premiere. The footage was all shot as 1080p/59.94, at least that is what Premiere is indicating. The only way I can view it thru the mini monitor is to change the timebase to 29.97. The setting used by the monitor shows up as 1080i/59.94 and the Flanders monitor I am using indicates a 1080i/59.94 signal. Is this the correct method?...I mean it seems to make sense that 29.97p when converted for broadcast is 59.94i. Isn't that correct?

This is fine. 59.94i or 29.97i are just different naming- they mean the same. You don't have to worry if you see in Premiere 29.97 time base for 59.94i project.