Wallace, who was signed by then manager Brian Laws ahead of the 2010/11 season, is optimistic about the Clarets' long-term prospects under new boss Sean Dyche after a positive start to his reign.
The 27-year-old, in the last season of his current contract at Turf Moor, believes they are ready to take the next step and make a concerted push to secure a top-six spot.
"It's the first time really since I've been here that we have got close," he told The Lancashire Telegraph. "We are still a bit out of the play-offs but we are close enough between now and the end of the season to have a little go at it.
"There are a few of us who have experienced it, playing in these sort of games, but we also have some young players who don't really think about it.
"When you get older you might start thinking 'I haven't got that many (chances) left' but we have a young team and they will just take it each game as it comes and just get on with it, not have it stuck in their head that we might be close to the play-offs."