The 26-year-old joined the AFC East side earlier this year after coming to the end of his contract with the Pittsburgh Steelers.
Cornerback Brent Grimes told The Miami Herald: "It's not, 'If I can't get the deep ball, I can't do anything else'. He has good hands, can run other routes. He's not a one-trick pony."
Quarterback Matt Moore added: "What was impressive to see was what he can do with the ball [on short patterns]. Everyone talks about the deep routes, but [Steelers QB] Ben Roethlisberger would sometimes get him the ball quickly and just let him go."
Wallace had 836 receiving yards and eight touchdowns for the Steelers in 2012.