The former Hearts full-back, who has been out of the international picture since Rangers dropped into Division Three, is part of new coach Gordon Strachan's first squad.
Wallace, capped six times by his country, is joined in the party by Birmingham winger Chris Burke who last pulled on a Scotland shirt almost seven years ago.
Leeds striker Ross McCormack returns to the squad but there is no place for highly-rated Dundee United pair Jonny Russell and Gary Mackay-Steven.
Speaking ahead of the Sky Live clash at Pittodrie, Strachan said: "I've named a big squad as I feel it's important to get as many players together as possible ahead of my first match as national coach.
"I want a strong squad against Estonia to help us to prepare for the World Cup qualifying double-header against Wales and Serbia in March."
On Burke's inclusion for the first time since the victorious Kirin Cup campaign of 2006, Strachan added: "I spend a lot of time in the midlands and I've seen a lot of Birmingham with my media work.
"Chris was fantastic in the Europa League at a good level, he has a maturity about his play now. In the international set-up you need to be able to beat people by passing or going past them.
"He can do the second part and is getting better at the first. International defences are so good, you need people like that."
Squad: Gilks, Marshall, McGregor, Bardsley, Berra, Caldwell, Hanley, Hutton, Martin, Mulgrew, Wallace, Webster, Adam, Brown, Burke, Commons, Forrest, McArthur, Morrison, Phillips, Snodgrass, Fletcher, McCormack, Mackie, Maloney, Miller, Naismith, Rhodes.