Wallace's works include an English translation of the foremost Tibetan Buddhism text, the Bardo Thodol, by Padmasambhava.

He has also been active in the dialogue between established Western science and Tibetan Buddhist psychology, including staunch critiques of materialistic philosophies of mind, and emphasizing the incorporation of introspection as a technique of academic inquiry.

[13] Wallace and Clifford Saron established the shamatha project, which tested the effects of Buddhist meditation on 60 people engaged in a residential meditation retreat for 3 months, with Wallace serving as their instructor and Saron as the Principal Investigator for the scientific study.

[14] Research findings have been published in many peer-reviewed scientific journals regarding the effect on attention, emotions and well-being, and biomarkers.

[9] Beginning in 2010, Wallace has led a series of 8-week retreats to train students in the meditative practices of shamatha, the four immeasurables, vipashyana, and Dzogchen.