The 27-year-old struggled early in the campaign to get on the same page as Tannehill following his move from the Pittsburgh Steelers in the off-season, but still managed to record five touchdowns including four in his last six matches.
Wallace told the Miami Herald: "Definitely have got to get the deep ball going. That's the difference between winning and losing a couple games.
"I should have had 15 or 20 more touchdowns. And that's being modest. If you press me, you have no shot to cover me. Once I get you to stop your feet, it's over."
Wallace has 37 receiving touchdowns since arriving in the NFL in the 2009 season.