Wednesday and Derby drew 0-0 at the weekend, in a match where chances were at a premium.
However, Wallace felt that Wednesday were the stronger team in midfield – and he claims that Derby never managed to get to grips with their set-up.
“I’m happy but disappointed a little bit," Wallace said. "I thought we played some good stuff and edged it.
“Derby had a couple of chances at the end but I think we dominated the midfield area. They didn’t really get to grips with the way we played.
“Baz (Barry Bannan) came in and we played as a tight four. We played well and were disappointed we didn’t get that clear-cut chance to nick it in the end.”
The Owls were cautious against Derby, due to Paul Clement’s side’s attacking threat, but they still managed to impress in the contest.
Wednesday showed good organisation and resilience throughout the contest, and in the end the draw was probably a fair reflection on the match.
Both Wednesday and Derby have promotion ambitions this season, and their quality was on display at the weekend, as both sides rather cancelled each other out.
The draw at Hillsborough leaves Wednesday in seventh position in the Championship table, while Derby are in third place and closing in on an automatic promotion spot.