Private Wallace was a member of the 5th Cavalry Regiment, 1st Cavalry Division. He was seriously wounded by the enemy in North Korea on 26 October 1951 and died of those wounds on 30 October 1951.

Wallace was awarded the Purple Heart, the Combat Infantryman's Badge, the Korean Service Medal, the United Nations Service Medal, the National Defense Service Medal, the Korean Presidential Unit Citation and the Republic of Korea War Service Medal.