She was educated at the Loreto Convents in Balbriggan and North Great Georges Street, Dublin and the College of Commerce, Rathmines, where she received a diploma in Hospital and Health Services Administration.
Wallace first held political office in 1982 when she was elected to Meath County Council.
[2] Wallace remained on the backbenches until 1995 when she became Opposition Spokesperson for people with disabilities and carers.
[3] The Disability Bill she was piloting through the Dáil was withdrawn and she was not re-appointed after the 2002 general election.
In February 2006, Wallace rejoined the junior ministerial team as Minister of State at the Department of Agriculture and Food with special responsibility for Forestry.