The winger found new life at St. Mary's after Ralph Hasenhuttl replaced Mark Hughes in January.
And Wallace says the former Norwich City man can go to another level if he starts hitting the back of the net.
"I've been looking at him and he has been very impressive whenever I've seen him play," revealed Wallace.
"He scored a few goals last season and I feel that he has got similar traits to me: he is quick and likes taking players on.
"When I was playing, I liked to make assists for other players.
"I think I got my fair share when I was playing for Southampton and he [Redmond] did the same last season.
"He has got to keep his mind on the game and try and progress. He should aim to get more goals next season than he got in the previous one.
"When I was playing, I always looked for double figures in goals. He was a bit unlucky last season, ending with nine, but I think he will aim to beat that next season."