On the pitch, Wednesday now find themselves 15 points from safety after 11 games with fellow strugglers Oxford United at Hillsborough on Saturday (15:00 BST).
After their squad was decimated in the summer and the club placed under a transfer embargo to bring in new players, they have won only one league match but Pedersen, appointed following the departure of Danny Rohl, has produced a competitive team.
But for the Dane there is initial optimism about the return of more fans to Hillsborough for Saturday following the boycott of Wednesday’s match against Middlesbrough.
“It was awful the other evening,” Pedersen told BBC Radio Sheffield. “But opposite, it can be fantastic tomorrow, to be together again and to have this experience.
“I’m really, really looking forward to this day that we are one club again.”
In his time at Hillsborough, first as assistant to Rohl and now in full charge, Pedersen has gained a deep respect for the club and its supporters and he would like that to be at the forefront for any prospective new owners.
“Money is one thing but the strategy is important with understanding and respect for Sheffield Wednesday,” he added.
“We have to be Sheffield Wednesday. We have to be a new Sheffield Wednesday with an old heart. We have to keep this understanding because we have a fantastic club, but this fantastic club deserves to grow.”
While the immediate prospects are not good with the Owls facing an uphill task to avoid relegation to League One, fans are more optimistic for the longer term again.
“We needed somebody to listen, somebody to act, and somebody to give us that hope back that I can pass to my kids,” Wednesday fan Gaz Robinson told BBC Sport.
“We’re back. My kids can start going to games again. I should be upset, but weirdly, I’m really, really happy.”
