The left-back has been named in previous squads by national team manager Gordon Strachan but failed to make the cut for the clash at Wembley.
Wallace may be plying his trade in the Scottish League One but McCoist expressed his surprise at the defender’s omission for the first meeting with England in 14 years.
And the Ibrox manager is confident Wallace will again catch the eye of Strachan if he continues his fine early season form.
McCoist said: “Lee has done really well so far this season and I’m a little bit disappointed he’s not in the squad. I’m sure he’ll be a little bit disappointed too.
“Gordon has picked his squad, though, and we have to respect that.
“I’d be very hopeful that, if Lee keeps performing the way he is, it won’t be long before he’s back in there.”