Wallace played four collegiate seasons at the University of Notre Dame, where he set a school record by playing in all 153 games during his career. He scored 25 goals with 34 assists for 59 points and had 39 penalties for 86 minutes. As a senior, he notched 11 goals and 12 assists for 23 points to finish fifth on the team in scoring.
Professional
An undrafted free agent, Wallace was signed to a contract after attending a tryout camp with Pittsburgh in the fall of 2006. In his first season, he split time between the ECHL's Wheeling Nailers and the AHL's Wilkes-Barre/Scranton Penguins, seeing action in 51 games with 11 goals and 20 assists for 31 points and 62 penalty minutes. He played in 11 playoff games for Wilkes-Barre/Scranton, scoring a goal and an assist. In 2007-08, Wallace played in 74 games with Wilkes-Barre/Scranton, accruing 12 goals and 14 assists for 26 points and 83 minutes in penalties. He played in 22 postseason games in helping the Baby Penguins advance to the Calder Cup finals against Chicago. He had two goals and six assists for eight points and 21 penalty minutes in the playoffs. Wallace made his NHL debut on December 10, 2008, against the New Jersey Devils. He registered his first NHL point, an assist, on December 18, 2008 vs. the Atlanta Thrashers. On February 23, 2012 Wallace was claimed off waivers by Tampa Bay Lightning from the New York Islanders after playing 31 games in the NHL season. After seven professional seasons within North America, Wallace left as a free agent and signed a one-year contract with Örebro HK of the Swedish Hockey League on August 6, 2013. In his debut season in Sweden, Wallace adapted quickly in Örebro, posting 15 goals and 32 points in 55 games to earn a one-year contract extension on April 3, 2014. In the midst of the 2014–15 season, having been unable to replicate his previous seasons form with Örebro, Wallace was loaned to fellow SHL outfit Brynäs IF on December 10, 2014. On September 7, 2015, having left Sweden after two-years as a free agent, Wallace agreed to a one-year contract with German club, Grizzlys Wolfsburg of the Deutsche Eishockey Liga. As a free agent after three seasons abroad, Wallace opted to return to his hometown in Anchorage, and agreed to play in third tier ECHL, signing a standard contract with the Alaska Aces on October 13, 2016. On May 25, 2017, Wallace again left North America and moved to the UK to sign a one-year deal with the Sheffield Steelers of the EIHL. After a season in Sheffield, Wallace moved to league rivals Milton Keynes Lightning. Wallace and teammate Ryan Lannon later replaced Doug McKay as head coach early into the 2018-19 season. At the conclusion of the season, Wallace was hired by Nottingham Panthers director of hockey Guillaume Doucet to be the club's new head coach - replacing Rich Chernomaz.
