The full-backs have started the season on fire and added a further threat to the Gers' menacing attack.
Both players were on the scoresheet as the Gers cruised to a 5-0 drubbing of Raith Rovers on Saturday, and Weir has lauded their contribution.
“It was a really good finish and with his (Wallace’s) right foot too, which he's done a few times now,” he told Rangers TV.
“I think that he and James (Tavernier) as full backs are getting into areas where they can score and it really was a good finish and it's great to see them getting as many goals as they have so far."
The duo’s exploits on Saturday took their league tally for the season to three apiece, and Weir feels having goals spread among the team is a vital element of what he and Mark Warburton hope to build at Ibrox.
"I think it's been really important,” he added, “…to have goals from all areas of the team is really important and both James and Lee have contributed - I think they're having a bit of a competition to be honest.”
Tavernier has been a revelation since his arrival from Wigan Athletic this summer. The 23-year old failed to impress at the Latics and was sent on loan to Bristol City for the second half of last season, where he displayed the form that prompted Rangers to move on him.
Wallace, meanwhile, has steadily grown into his role as the Rangers skipper and seems to have had a new lease of life in the midst of the wealth of changes around him.
The 28-year old has already equalled his goal tally of the previous few seasons and is showing no signs of letting up as Warburton’s men march on.