Earlier this week, a deal was struck to keep Wallace at Prenton Park for a further month - a move the 21-year-old feels can only be good for his development.
"I think I am learning with every game I play and hopefully it is helping me as a player," he told evertonfc.com. "The idea is to get as much experience as I can so when I go back to Everton, the manager will look at me and think I have learned a lot.
"Playing for points in League One is totally different to playing reserve team football at Everton. It's not the best when you're playing against a mixture of youth team players and senior pros in the reserves. When you're playing for points, every game means a lot."