Both Bannan and Wallace joined Championship side Wednesday in the summer transfer window.
While the 25-year-old midfielder moved from Premier League outfit Crystal Palace, the 30-year-old winger signed on a free transfer after leaving Burnley at the end of last season.
“Ross has been brilliant,” Bannan told The Sun. “He’s played a big part in most of our goals this season and he’s chipped in with a few himself.
“Ross has done really well, and he’s helped me settle in at Hillsborough because it’s been great to have a fellow Scot in the club. We get on really well, so it’s been great to see him doing so well.”
Bannan has created 20 chances in 10 Championship appearances so far this season. The former Aston Villa and Palace midfielder has a pass accuracy of 80% and a shot accuracy of 13%.
Wallace has scored one goal and created 31 chances in 13 Championship appearances for Wednesday so far this campaign. The former Celtic man has a pass accuracy of 78% and a shot accuracy of 56%.
Wednesday are eighth in the Championship table at the moment with 24 points from 15 matches, just a point behind sixth-place Birmingham City.