The 26-year-old has had problems with discipline this season, leading him to previously vow to change his game.
Hutchinson has been a regular name in the referee's book this season, having collected 11 bookings in just 17 games, meaning that he has missed three games through suspension, and could double the amount of time spent on the sidelines should he collect another four cautions.
And while Wallace explained that the former Chelsea trainee needs to modify his style, having earned a reputation for himself, he hopes that it will not see him lose his fight as his performances have been crucial to the Owls this season (via Star).
"You could say that Sam is becoming a marked man. He did say he was going to calm down on his late tackles," he explained.
"Sam is going to have to be careful with the silly ones. He knows he is going to have to work on that but he has been different class for us this season. I don't want to see him not putting in tackles and take that eagerness away from him. Sam has been outstanding. If we can keep him fit and get him back in the middle of the park, then we will be happy," he added.
Hutchinson has established himself as something of an utility man for Carlos Carvalhal's side this season. As well as featuring in his favoured holding midfield role, he has been used in a more conventional central midfield position, and was used at centre-back for the goalless draw with Derby in their most recent clash.
And with Wednesday currently just outside the play-offs, it could be Hutchinson's ability to stay out of trouble that decides how successful a campaign the club enjoy.