A 3-0 win over Clyde at Ibrox on Boxing Day allowed Ally McCoist's men to put further distance between themselves and the rest of the pack, while extending their winning streak to nine games.
It would now appear to be only a matter of time before they wrap up the title but Wallace claims the Light Blues are taking nothing for granted, saying: "We are staying fully grounded and committed and focused. There is a long way to go in the season. The manager has instilled that in us and we won't be taking our foot off the gas."
He added: "We will give every opponent the respect they deserve and give a good account of ourselves.
"We will win games and hopefully we will keep this momentum going.
"You can't afford to make any mistakes in this league because you will get punished. We had a few instances of that earlier in the season.
"We are 12 points clear, with nine wins in a row, and a good bit of momentum behind us and we will look to carry that on.
"Even if we get to be 30 points clear, we will never take our foot off the gas. That's just how we are.
"You need to stay focused and grounded and that's the most important thing."