The governing Progressive Conservative Party won all the races, including Calgary-Foothills, where Premier Jim Prentice picked up a seat.
Alberta Education Minister Gordon Dirks won in Calgary-Elbow, Mike Ellis won in Calgary-West, and Stephen Mandel won in Edmonton-Whitemud.
“We didn’t get the results that we had hoped for,” Smith said.
Smith said she has asked her party’s president to include a leadership vote on the agenda at the Wildrose annual general meeting in Red Deer next month.
"We do have to do some soul-searching to find out why it is we didn't gain ground and as party leader I have to take responsibility for it," she said.
Under the party’s constitution, Smith isn’t required to submit to a leadership review until after the next general election, she said.
But given Monday’s results Smith said she feels party members should be consulted sooner. She said she wants a firm mandate of at least 77 per cent support.
“You can only lead if people are willing to follow,” she said. “I have the fire in my belly, I want to do it.”
Smith said she believes she still enjoys broad support within the party. And she said Wildrose remains the only opposition party that presents Albertans with a viable alternative to the current government.
“We really are… the only party that is capable of contesting the Tories in every riding in this province.”