Wallace was the subject of two bids of around £1million from Sky Bet Championship club Nottingham Forest during the January transfer window.
Those offers were turned down by the Ibrox club - despite the well-publicised financial difficulties they are wrestling with.
But the left-back has since revealed he was desperate to stay at the Glasgow giants and help them complete 'The Journey' back to the top flight.
Robertson left Rangers in 1997, after seven trophy-laden years, and joined Leeds United - at that time an English Premier League club.
The Elland Road team then had players like Jimmy Floyd Hasselbaink, Harry Kewell and Rod Wallace on their books.
But, after just a fortnight in Yorkshire, the Scot realised he had made a huge mistake parting company with Rangers.
And he thinks Wallace is correct to pledge his future to the Light Blues.
He said: "Once you leave Rangers nothing is ever the same. Players always think they will go on to bigger and better things. But that is never the case.
"About two weeks after leaving Rangers for Leeds I would have walked back to Ibrox.
"I think Lee has made the correct decision. I am also sure that Ally McCoist wanted to keep him, to help get Rangers back into the top division."
Robertson added: "It is not often that you get a player from a lower league team getting into the Scotland squad.
"But left-back is always a tough position to fill and that has helped Lee. He has done very well."