The Warriors currently sit top of the pile, edging Leinster by just a single point, but face a particularly difficult run-in with games against Scarlets, Connacht and reigning champions Ospreys to come.
But if the Scottish side focus their attentions on maintaining a defiant and well-disciplined defence - only Ospreys have conceded fewer points than Glasgow's 275 - on top of a clinical attack, Wallace is confident his former employers will come out on top.
"I believe there are three key qualities that Glasgow must get right during the final three-game run-in if we want to make history and go all the way towards a first-ever league title," Wallace told the Evening Times.
"First of all, our defence must continue to be one of the toughest in the RaboDirect PRO12 to breach. Second, we have to keep demonstrating real cutting edge when we get the opportunities in attack and finally our discipline must be exemplary.
"Particularly in respect of the latter, if you concede foolish penalties you can shoot yourself in the foot and also risk having players in the sin bin when it matters most. Decision-making also comes into it, but for me these are the three major requirements if we want to go all the way this season.
"Tick these three boxes and I think this Glasgow team can achieve what no other Glasgow team has done."
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