Sheffield Wednesday have won their last four matches in all competitions.
The Owls hit a wonderful run of form before the international break, winning four matches on the trot, and firing themselves up the Championship table.
However, Wallace believes that the best is still to come with the Yorkshire side, and he admits that they have big ambitions for the season ahead.
“I think we can achieve more – we have more in the tank to give – and we can play even better," Wallace said.
“It’s very early days to say we are the race to achieve something.
“But it’s definitely something we want to achieve come the end of the season”
Wallace's performances have been a major reason behind Wednesday's up-turn in form, with the attacking midfielder laying on chances aplenty.
The summer signing has claimed a number of assists in recent weeks, and he is rapidly establishing his place in Wednesday's best starting line-up.
Carlos Carvalhal's men return to action at the weekend, with a match against Hull City at Hillsborough.
It looks set to be a tough game, with Hull one of the Championship's stronger teams this term, but Wednesday will have plenty of confidence going into the match, given that they have only lost in-front of their own fans once so far this season.