Mark Warburton's side are currently three points clear at the top of the table.
Saturday's draw with Morton was the third time in five league games that Mark Warburton's side have dropped points. But Hibernian's failure to beat Falkirk ensured that the Gers' lead at the top of the table remains three points, and Wallace explained why he expects the team to press home their advantage.
"We're not going to cry about it because we know we are the best side and that we have the best manager and the best training ground in Murray Park," the captain said.
"It's up to us as players to go out and maximise those advantages on a Saturday. It's an important time only because we're playing the teams in second and third place.
"We'll concentrate on Falkirk first and then look at Hibs after that. We're in a period where we're maybe not quite as fluid and performances have dipped a wee bit but there is no panic."
The Ibrox outfit flew out of the blocks at the start of the season, winning their first 11 games. However, a defeat to Hibernian and a draw away to Livingston allowed the door to be opened slightly for Alan Stubbs' men, who currently boast their own impressive unbeaten run.
With their two nearest challengers to play in their next two games, the Rangers skipper will know just how important the coming weeks are to the club's aspirations of returning to the top flight.
But it is clear that the 28-year-old has enough confidence to believe that the team will take six points from the two clashes to put themselves back in a commanding position heading into the new year.