More than 35,000 punters, with half that figure season ticket holders, completed the Gers' 'Ready to Listen' questionnaire that the club say will help shape the future direction of the SPFL League One champions on and off the field.
Results show 84% of those that responded were seeking a review in terms of how Rangers engaged with the Light Blue legions while around two-thirds said fans do not have a loud enough voice and that greater communication needs to be a priority.
Chief executive Wallace is expected to announce the results of his review into the business and football departments at Ibrox in the coming weeks and he insists the concerns of fans will be taken on board.
He said: "The Club wants to be open about the key issues highlighted in the Ready to Listen fan engagement survey and realises areas of concern like trust, transparency and honesty will not be improved overnight.
"We understand trust must be earned and certainly appreciate supporters have had a difficult few years.
"There are undoubtedly areas we can improve on and it is clear fans value a greater voice and involvement with the Club.
"The club values the feedback received as it will help us shape and ensure a sustainable future."
As well as 84% supporting the concept of fan representation, a similar number were in favour of a membership scheme, which could roll out in time for the 2014/15 campaign.
Fans identified the five best performing areas as community/charity work, club social media, website, safe matchday environment and hospitality, while the most important were on-pitch performance, a youth development programme, the overall direction and management of the business, fan engagement and matchday experience.