The Trotters are currently in the relegation zone, four points off safety but having played two games fewer than their rivals.
It is in these matches that Steinsson believes Bolton's Premier League status will be decided, with the Icelandic international confident that they can get the points required to stay up.
"It's important we make the most of our games in hand," said Steinsson.
"We need to get points out of every game we've got left and wait and see the result. It's in our own hands, if we do our job and get the points we need, we will stay up.
"If we fail to do so the disaster will happen, but we've got all the confidence in each other and I know we'll go on and get out of trouble."
Steinsson joined Bolton from AZ Alkmaar for a fee of £3.5m in 2008.