In 1976, Wallace attended the Jim Russell Racing Drivers' School.

He has raced prototype sports cars since 1988, becoming the sixth driver to complete the informal triple Crown of endurance racing, and winning over 25 International Sports car races including: Wallace was also the driver for the then record-setting speed of 386.4 km/h (240.1 mph) in a McLaren F1, which for over 11 years was the world record for the fastest production car.

In January 2008, Wallace drove for Alex Job Racing in the #23 Porsche-powered Daytona Prototype backed by Ruby Tuesday in the 24 Hours of Daytona, finishing in 36th place with engine problems.

On 2 August 2019, Wallace set a record of 300 mph in a Bugatti Chiron Super Sport 300+.

It was revealed by Top Gear on 2 September in a Youtube video, showing a certified speed of 490.48 km/h (304.77 mph) and happened on the Ehra-Lessien test track owned by VW.