The involvement of the Gers defender with the Scotland side has divided opinion among the Tartan Army due to the level he is playing at with his club.
The 26-year-old plies his trade in SPFL League One, the third tier of Scottish football, against predominantly part-time rivals.
Some fans fear that, despite Wallace's impressive form in the 2013/14 campaign, it is asking too much of him to play against top international opposition.
However, Light Blues legend Jardine, who won 38 Scotland caps in his glittering career and played in the 1974 and 1978 World Cup finals, has no such concerns.
In fact, he feels the former Hearts man, who yesterday withdrew injured from the Scotland squad to face Croatia, is better placed to represent his country than many of his team-mates - due to the demands he is under on a weekly basis.
He said: "First of all, I have been delighted to see Lee get called up to the Scotland squad and then play in the side. I wasn't really surprised when he was, to be honest.
"Lee is a great athlete and a great football player and he will cope with international football no problem at all."
Jardine added: "Although we are playing in the third tier of Scottish football people have to understand there is probably more pressure on our players than the other Scotland players.
"When you are at Rangers you have to win every game that you are involved in. That is not the case at many other clubs where draws and sometimes even defeats are not unacceptable.
"Also, he is coming up against players who raise their games every week. Opposition teams treat every match against Rangers like a cup final. That is good preparation for playing for your country."
Wallace came off the bench to replace Whittaker and win his seventh Scotland cap in their last outing against Macedonia in Skopje last month.
Despite only being on the park for just over 10 minutes, he performed well and came agonisingly close to netting a late goal as his side ran out 2-1 victors.
Strachan is looking at tomorrow's final World Cup 2014 qualifier against Croatia as important to our France 2016 qualification hopes.
If the national team can draw or win the game and remain above Macedonia and Wales in the Group A table they will receive a higher seeding for the European Championship qualifiers.
Jardine believes Rangers vice-captain Wallace has shown he is capable of playing at the top level despite the turmoil that continues to engulf the Ibrox club.
He explained: "When I was a player at Rangers I had no idea who the directors were. What they did didn't concern me. My job was to play football and that was what I concentrated on. I am sure the players at Rangers now are exactly the same. There has been a lot of stories in the papers and a lot of speculation about what is going to happen.
"But the performances of the players and the team have been excellent this season and I think that shows they are focusing on football.
"Lee was one of Ally McCoist's most consistent performers last term and he has continued to play at a very high level this season.
"He is a very fit lad and I am sure he will not be overawed by playing for Scotland if he is selected for the team."
Jardine added: "It is not as if Lee has never played for his country. It is not as if he will be winning his first cap if he is picked to play for Scotland.
"He is a very experienced player who has been involved in football at a high level with Hearts and Rangers for a number of years and has also represented Scotland before.
"I thought Lee did very well when he came on against Macedonia last month, but that should be no surprise given his experience and the form he was in going into the game.
"He offers the team a great deal. He is a very solid defender and he can also get up the park well and complement the team's attacks.
"It has been good to see Scotland doing well and getting some good results since Gordon came in as manager. I think Lee can help the development and progress of the side.
"He has many years at this level ahead of him if he looks after himself and manages to avoid injury. I am sure he will play many more times for his country."