The Gers chief attended the NARSA conference in Toronto as he attempted to address some of the fears that have grown as tensions between the terraces and boardroom have escalated in recent months.
A board consisting of members of the Light Blue legions has been previously mooted and that is now on the Ibrox agenda.
Wallace said: "We have recognised right from day one we had a big job to do in terms of trying to improve engagement with the club's fans.
"Several months ago we launched our Ready To Listen fan engagement survey and that was really just the first step. We've now gone through another two subsequent steps in terms of narrowing down areas of interest to the fans so we can fully understand what matters to them.
"We are currently moving into the third phase which is a set of detailed focus groups that involve people sitting round the table and looking at specific issues.
"It's all designed to move us forward to the creation of our first Rangers fan board, which will be an official board that will act as the body to represent the fans with the club.
"We're looking at the constitution and composition of that because we want to get a wide spread of Rangers fans engaged in talking to the club.
"Like anything else, these things take time to work their way through and particularly at a level where what we're dealing with is not just a simple scenario.
"There are many issues dear to Rangers fans' hearts. We're trying to engage with them in a way they'll say they can see progress and I think we have made a number of steps forward."
Wallace is confident he and the club are on the right track as Ally McCoist's side gear up for the Championship.
"For the club to thrive, it needs the support of its fans in order to have the financial base required to build and grow the club," he told rangers.co.uk.
"There are many non-Rangers fans who support other clubs and who are genuinely concerned about the progress we are making and the momentum we are building.
"They know where we're headed and they would just love for us to falter. We're not going to allow that to happen.
"We have a tremendous opportunity now to come together as a club and a fanbase and unite to take us back to the top. Let's not waste it.
"This is our time to put the in-fighting and the turmoil to one side, to unite across the club and back the club, back the team and show Rangers Football Club is well and truly back.
"Our future is really in our own hands and I ask fans to continue their magnificent support and drive us back to the top division in style."