According to Marshall the street name commemorates Wayland Smith, a character from Kenilworth (1821), one of the Waverley novels by Sir Walter Scott (John J. Marshall - Origin of Some of Belfast's Street-Names, p. 31).
Resolved that on the application of the owner, Mr J. D. Dunlop, new streets on his property situate off Castlereagh Road be named ‘Glenvarnock Street’, ‘Lambourne Street’, 'Wayland Street' and ‘Quinton Street’ and that he be requested to submit another name instead of Brenda Street, as there is already a street of almost similar name in the city. Town Improvement Committee: 31st January 1900.