The Tigers have made a brave run at this year's final eight, but successive 63-point losses means they are dependent on other teams falling over if they are to make it.
The 11th-placed Tigers take on the second-placed Hawks this Sunday, and Wallace – himself a premiership player with the Hawks -- said it would be tough for his team.
"Look, they're getting back to being into their best form – they played another side in Brisbane who were around the same spot as us, tying to force their way in and did a pretty fair number on them," he said.
"The second half was pretty resounding.
"They've got some great players in great form, some strong bodies in and around that win first use of the ball for them, and obviously some outstanding forwards in great form as well.
"So that'll be a real test for our boys."
Criticism this week has swirled around teams leaving Luke Hodge – the first pick in the stellar 2001 NAB AFL Draft – free across half-back, from where Hawthorn develop so many of their attacks.
But Wallace said teams had to choose between guarding Hodge and clogging the forward 50 in an attempt to deny space to gun duo Lance Franklin and Jarryd Roughead.
"Well, you've got a choice, haven't you?
"If you man him up you open up, Buddy (Franklin)'s end. It's a difficult one – when you lose you always come in for criticism for whatever you do, and you can't have it both ways.
"If you want to man up that end, you're clearly making it a one-on-one scenario for their key power forwards, and there's not too many sides in the competition that can handle those key power forwards on a one-on-one basis, which has shown all year.
"And if you do that, you know that they're going to try to free up Hodgey. No matter who you set, they'll work it out to make sure that if they have got a free player it'll be Hodgey, because he uses the ball so well."
