Wallace led his charges up the famous steps at Hampden to collect the cup, and afterwards, he described his emotions to RangersTV.tv.
He explained: “It means the world to me, and today was just absolutely tremendous.
“To see the support today – 48,000 Rangers fans turning up at the National Stadium – it meant it was up to us to relish that responsibility.
“We had to relish playing in front of that magnificent support, and after failing three times in this competition it was hugely important to us to put that right and to give this first cup back to the fans, who deserve it more than anybody.
“It was a weird feeling walking up those stairs for the first time to lift a cup, but it was an outstanding feeling and one I can’t really put into words.
“While I feel like that though, my overriding emotion is for the team, and how well they have done thus far, and it was nice to clinch a double in that short space of time.
“It was a great moment for all of the squad, the management staff, and of course the fans.”
Peterhead, as most teams have proved, were a tough nut to crack, but Wallace was delighted with how his charges met the challenge and also the boost it gives them ahead of next week’s Scottish Cup semi-final.
He continued: “They were always going to be hardworking and resolute, and have a deep block in their defence, and we were well aware of that from our analysis.
“It was about us being patient and staying true to our principles, and we have done that a lot this season.
“It was important to go and score a few goals, keep the momentum high and get the supporters celebrating.”
Wallace was taken off midway through the second half after picking up an injury, but he insists the move was simply precautionary and he will be fine for next week.
He added: “Quite early on in the game, I found I had some pain in my rib area, when I was trying to recover from a few runs I was making.
“It’s nothing serious, and coming off was just a precaution. I had a word with the manager 65 minutes in to say it was probably the best decision that I was to come off.
“For next week, nothing will change in our preparations. We are fully aware of the magnitude of the game, and the media build-up.
“We’ll just prepare accordingly though and prepare as consistently as we have done since day one.”