Chris Hegarty, Nicky Law, Ian Black and Dean Shiels were on target at Ibrox where the hosts opened their League 1 campaign with a straightforward three points.
This followed on from last Saturday's cup defeat at Forfar and Wallace admitted: "We were all devastated in that dressing room last week but we knew we couldn't feel sorry for ourselves.
"It was actually quite good in a way that we had the Newcastle game a couple of days later because that lifted the spirits really quickly for us.
"We performed well on the night against top opposition (Tuesday's friendly at Ibrox ended 1-1) and that set us up for a good week.
"We were ready and we were buzzing come Friday and I think we have put a message out that we are ready to try to put a lot of goals past teams."