[5] Precipitation runoff from Wallace Peak's east slope drains into the headwaters of Vowell Creek → Bobbie Burns Creek → Spillimacheen River → Columbia River; and from the west slope to Duncan River via East Creek.

Wallace Peak is more notable for its steep rise above local terrain than for its absolute elevation as topographic relief is significant with the summit rising over 1,200 meters (3,937 ft) above Vowell Creek in less than 4 km (2.5 mi).

The nearest higher neighbor is Mount Kelvin, 0.6 km (0.37 mi) to the north.

[6] The peak was then named by the same Peter Robinson to honor James Nevin Wallace (1870–1941), a prominent Canadian surveyor, historian, and geologist.

[1] The toponym was officially adopted on June 9, 1960, by the Geographical Names Board of Canada.