Wallace earned further recognition as a scream queen for starring in several horror films, including The Hills Have Eyes (1977), The Howling (1981), Cujo (1983), Critters (1986), The Frighteners (1996), Halloween (2007), The House of the Devil (2009), and The Lords of Salem (2012).

[4] Her mother was a stage actress and producer who appeared in community theater productions in Kansas City, which inspired Wallace's interest in acting.

[4] After graduating from Wyandotte High School,[5] Wallace attended the University of Kansas and obtained an education degree.

On television, Wallace played a leading role in the CBS sitcom Together We Stand (1986–1987) and the family drama The New Lassie (1989–1992).

She guest starred in episodes of a number of shows, including The Twilight Zone; Hotel; Murder, She Wrote; Touched by an Angel; Bones; Grey's Anatomy; My Name Is Earl; Criminal Minds; and The Office.

[10] Wallace is a public speaker and self-help author, having written three books, and has her own call-in radio show where she talks exclusively about the creation of "self".