After some testing Android Studio already supports this. You just need perform the following ADB commands, and now you can see the logcat and even wirelessly load your application. No USB cable needed!
From: http://developer.android.com/tools/help/adb.html#wireless
$ adb tcpip 5555
restarting in TCP mode port: 5555
Finding out IP address of Android device prior to running Android Oreo:
Settings -> About tablet -> Status -> IP address. Remember the IP address, of the form #.#.#.#.
Finding out IP address of Android device running Android Oreo
Settings -> Wi-Fi -> -> IP address
Connect adb host to device:
$ adb connect #.#.#.#
connected to #.#.#.#:5555