The Gers have impressed on all fronts this season, winning the Scottish Championship and subsequent promotion to the Scottish Premiership as well as landing the Petrofac Training Cup.
And it could get better for Rangers, as their reward for beating Old Firm rivals Celtic has given them the chance of completing a treble as they take on Hibs in the Scottish Cup final this weekend.
Regardless of what happens this weekend, most would say it has been a great season for the Glasgow club, Wallace suggests that only victory will make it one to be proud of.
"I don't think many people would have expected us to go on and win the Scottish Cup. We were expected to win the Petrofac Cup and the Championship and do it in an eye-catching way and we've been dominant on that front,” Wallace told Sky Sports.
"So if we can go on and win our version of a treble it would make a good season into a great one but we also know it could go from good to not so good if we don't do the business on Saturday."
Rangers will head into the final as favourites, and they could be boosted by the return of top scorer Martyn Waghorn as the former Leicester City striker has overcome a lengthy injury.
Hibs will see the Scottish Cup final as consolation after failing to join Gers in promotion to the top-flight, and their recent record over Mark Warburton’s men is good so it should make for a tight contest.