The 75-year-old was feared by bookmakers around the country in his heyday and is best remembered as the trainer of 1994 Melbourne Cup placegetter, Oompala.
He also put the early polish on Shoot Out who won the Group 1 Randwick Guineas and Group 1 Australian Derby in 2010.
Shoot Out later went on to claim two more Groups 1s in the George Main Stakes in 2012 and Chipping Norton in 2013 after being transferred to champion Sydney trainer Chris Waller.
Wallace only has a small team of five horses in work and hasn’t won a race since Togz was successful at Murwillumbah in June.
That was his first winner since Richest was successful at the same track in November last year.
Wallace has beaten a series of health problems, recovering from two heart attacks but has no thoughts of retiring.
“I’ve had two hearts attacks and I’m full of stents but I’ve got no plans to retire,” he said.
“It’s what keeps me going and I enjoy it."