If you were connecting the diode to a set voltage supply, say a 5V battery, there might be problems, because the diode only drops 2.2V, while the battery is supplying five. The excess voltage would be applied across the diode and wires, etc.
On your linear regulator, the LM1117, its only job is to produce 1.25V between its output and the ADJ pin (assuming you got the adjustable one). When you put that resistor between those two points, the resistance determines how much current is produced. But what about the voltage? Well the diode has a specific drop--2.2V in your case. The linear regulator will develop a charge that will increase to the forward voltage level of the diode. When finally that voltage level is enough, current will flow through the diode. So the linear regulator will essentially give you the voltage you need so long as you have enough input voltage. It almost seems like magic, but the linear regulator is not a passive device like a resistor.
Short answer: the linear regulator will take care of the voltage for you as long as the input voltage is greater than its Vdropout + Voutput. Vdropout is 1.25 or so on your LM1117 I think.