The lichen was described as a new species in 2006 by lichenologists Gintaras Kantvilas and John Alan Elix.

The specific epithet wankaensis is formed from the name of its type locality with the Latin ending -ensis ("place of origin") appended.

[2] The lichen has a dull grey crustose thallus comprising irregular, gnarled areoles that are 0.1–0.3 mm wide.

There are numerous apothecia measuring 0.3–0.8 mm in diameter, which occur either singly or sometimes fused in clusters of two or three.

Ascospores are hyaline, broadly ellipsoid to ovate in shape, and typically 6–13 by 4–6 μm.