Gers left-back Wallace is looking forward to playing against some of the biggest clubs in Scotland in the second tier.
Hibs joined their Edinburgh rivals Hearts in the division on Sunday when they lost on penalties to Hamilton in the Premiership play-off.
As well as the capital clubs, Ally McCoist's side will also have to take on full-time opponents Falkirk, Livingston, Queen of the South and Raith Rovers.
And Wallace, who was League One Player of the Year, knows his club must complete the final stage of "The Journey" in the next campaign.
The Light Blues vice-captain knows that a third successive title triumph is expected by their thousands of fans.
He said: "The Championship will be another step up in quality and we know that. It will be tough, but we'll be ready for it.
"Once we get a wee break this summer all the boys will be looking forward to coming back and getting prepared for the first game of the new campaign in the Championship.
"Pre-season will again be important for us and we'll need to wait and see if the manager brings in new players.
"But, regardless of that, there is a massive incentive for us to do well in the Championship next season.
"If we can finish at the top of the pile we will be back where we belong - in the top league. That will be hanging over us.
"But it will be up to us to deliver once again because a club of this size, with the fan base it has, should be at the very pinnacle of the Scottish game."
Scotland international Wallace joined Rangers from Hearts, where he spent seven years, back in 2011. And the 27-year-old, who was ommitted from the national squad for the friendly with Nigeria due to injury, is relishing the prospect of taking on the Jambos next season.
Speaking to the official Rangers website, he said: "I must admit it's going to be strange having Hearts with us in the Championship. But the Premiership's loss is our gain because I'm sure the Rangers fans will be looking forward to going to Tynecastle and the other grounds in the division.
"It's something new for everyone and it should make for a really interesting and exciting year."
Meanwhile, the Sons of Struth protest group is set to close its online petition calling for Rangers to give legally binding assurances over Ibrox later this week. Nearly 7,000 supporters have added their names to it.
SoS organiser Craig Houston said: "We shall be collating the results and handing them to the board soon."