At the moment I don't believe it's possible without at least initializing with the cable. Connect your cable, run
adb connect DEVICE-IP-ADDRESS
and that should connect your device to Android Studio, and then you can forego the cable for the rest of the session, but you'll have to do this every time. My dev phone/watch has a static IP address on my home network, so I wrote a shell script that makes it easy to connect with the syntax
connect watch/phone
Looks like Android 11 will add support without the cable though.
https://www.xda-developers.com/android-11-native-wireless-adb/