This road is located in the same park as Glastonberry Grove, Audrey and Jack's picnic spot, Windom Earle's cabin, Owl Pipe, the High School field, Cooper and Brigg's campout and Donna and James' picnic spot. A treasure-trove of Twin Peaks locations! The road is set up very much as it is in the show except that when we fist see Donna walking down the road, she's actually walking away from where she ends up, at the picnic table. Looking at the photos above, if you follow the road just around the bend, you'll get to the spot where James drives up to meet Donna.
The bench/table that Donna is waiting on isn't there anymore. It's been replaced with a "nicer" bench: see below.
Unfortunately, the overgrown brush is covering the view of the pond which is just below this spot. In the photo below, my friend Travis holds up my locations book so that I can match the shot of the trees in episode 16.
Below: A wider shot of the road Donna walks down crying and a photo of a well to the right of the road.