Wallace was born in New York City in 1917. A Navy veteran, Wallace appeared on Broadway in Pipe Dream, The Pajama Game, New Girl in Town, Jennie and The First. His other theatrical credits include tours of Camelot and Man of La Mancha. He acted in approximately 70 films notably starring in the film serial Radar Men from the Moon and guest-starred in almost 100 television shows. Wallace last appeared on the big screen as Chief Justice Pollard in the hit 2002 film Minority Report.