The Rangers full-back has been included in Gordon Strachan's squad for Wednesday's friendly fixture with Estonia at Pittodrie.
His return to the international set-up follows Craig Levein's decision not to consider the player for selection while he was playing Third Division football for the Ibrox club.
Wallace was bitterly disappointed to find himself bombed out but he is thrilled to have been welcomed back as Strachan named his first squad since taking over the hotseat.
And he said: "I'm obviously delighted to be selected and hopefully that is down to the new manager showing a bit of faith in me. I've never met him, but I know all about him from his time at Celtic and having spoken to the Celtic boys in previous Scotland squads I was involved in they spoke very highly of him.
"He has great intelligence about football. It's a great appointment.
"He's definitely one who can take the national team forward along with Mark McGhee and Stuart McCall.
"The three of them have all done well with their respective clubs in Scotland and have worked down south as well.
"So it's great for the squad to be working with these guys and all three of them have massive experience both as players and managers."
The 25-year-old is aware some people might question Strachan's move to select a player from the Third Division for the national team, but the Ibrox ace insists making this big step up will not be an issue.
He added: "In all these games we are playing, either home or away, the opposition are raising their game and we've got to be at it.
"There's a massive expectancy on Rangers to win games and that's the same in the Third Division."
Wallace also told the official Rangers website: "It's up to me to show that, if the manager gives me a chance to play for Scotland, I am ready for it and I feel I am."
Meanwhile, there was mixed news on the injury front for Rangers after Chris Hegarty was given the green light to keep playing, while Lewis Macleod faces up to two months on the sidelines after a scan revealed the 18-year-old has damaged medial ligaments in his knee.
Hegarty has been troubled with thigh spasms, which have forced him out of recent matches against Berwick and last weekend's 1-1 draw against Montrose.
However, an X-ray has shown no serious damage to his leg and he is in contention for tomorrow's William Hill Scottish Cup tie against Dundee United.
Rangers also confirmed Kane Hemmings has extended his loan deal with Cowdenbeath by a further four weeks.