Wallace held a series of meetings with representatives of the three main supporters' organisations in the last week.
And he has floated the possibility of members of the Assembly, Association and Trust forming a fans' committee.
The former Manchester City chief operating officer has stressed the need to work with the fans since being appointed back in November.
And the get-togethers he has held at Ibrox in the last few days are the beginning of that process.
McCoist has consistently praised the backing supporters have given the club during their off-field difficulties in the last two years.
And he is hopeful the club and their backers can work together to help return the Glasgow institution to the top flight.
He said: "It's brilliant. Without doubt the over-riding constant and positive from the past two years has been the support from the fans.
"The very least they deserve is their voice heard. The chief executive said as soon as he came in that he would certainly be listening to them.
"I know he has meetings with the fans' groups and representatives within those organisations. That can only be a good thing for the club."
Meanwhile, McCoist has confirmed he will be without midfielder Lewis Macleod for the visit of Brechin to Ibrox today.
However, he is optimistic the youngster will be fit for the William Hill Scottish Cup meeting with Dunfermline on Friday night.
He said: "Lewis is out. The doc has had a look at him and we've done one or two wee tests. But I'd be very hopeful he's back for the cup game."
McCoist added: "Nicky Clark will be in a boot for three weeks. We are not in a great place for forward players. We have big Jon Daly, but not a lot in terms of out-and-out centre forwards. Andy Little can play there, but also in midfield."