Wallace was in brilliant form throughout last month, as he laid on chances aplenty for the Owls and helped his team to claim four successive victories.
The former Burnley man has gone straight into the Owls' first-team since arriving, and Carvalhal is enjoying working with him.
“I am very happy for Ross,” he said. “He is a guy with a very good tactical culture. He has a style we like, a very European style. He’s a good shifter and he’s good with the ball.
“Ross gives experience. He has been promoted two times before so he gives confidence to the team. He is a very nice guy and everyone likes Ross Wallace.”
Wallace has already played nine times for Wednesday this season, and he has been one of the Owls' most frequently used players by Carvalhal.
The Portuguese boss has tended to operate with a rotation system this term, but Wallace has generally stayed in the Yorkshire outfit's first-team.
The 30-year-old's consistent excellence has caught the eye already, and the hope is that he can continue to thrive at Hillsborough as the season progresses.
Wednesday are currently sat in 10th place in the Championship table, but they are just three points away from the play-off spaces and are starting to showcase the vast amount of quality that they possess in their squad.