The 26-year-old has enjoyed a wonderful first season with the Scottish Championship side.
Mark Warburton's side are on the verge of securing promotion back to the Scottish Premiership, so it would be unsurprising if there were a number of candidates - including Wallace himself - that the players were backing for the award. However, the skipper has confirmed where his vote will be going.
"From my point of view, Martyn has made a huge contribution, not just with his goals but even during the so-called dry spells he performed well," he told The Scottish Sun.
"He has played a couple of positions, is very good one-on-one and also cutting in with his left foot. So he would be my pick, not just because of his goals but his overall work ethic.
"He was my vote for the Players' Player award."
Despite only arriving in the summer, the 26-year-old has taken little time to adjust to his new surroundings at Ibrox. He has scored 28 times in all competitions, including 20 in the Scottish Championship to take the Light Blues to the brink of the title. His return of six assists also leaves him only behind Barrie McKay in terms of the team's most productive player in that department.
His form has also helped them on their way to the Scottish Cup semi-final and Challenge Cup final. However, both Hampden Park games may come too soon for the striker, who has spent the last month on the sidelines with an injury.
Once the former Leicester City forward does return, Warburton will be hoping that he quickly rediscovers his goalscoring touch, especially as the Gers appear set to be competing in the top flight next season.