The Englishman only made it into the season-ending event courtesy of his finish at last week's Nedbank Golf Challenge but was certainly making the most of his chance on a remarkable afternoon over the Earth course.
His nine birdies in a row, 12 birdies in a round, nine-hole score of 27 and nine-hole score to par of nine under all match DP World Tour bests but will not go in the record books due to preferred lies being in place.
That did not take any of the shine off the remarkable achievement, however, with Wallace almost holing his bunker shot on the last for an eagle and a 59 as he moved to 16 under and right into contention for a first Rolex Series title.
"What a day, an amazing day," he said. "I just tried my hardest to get myself back into the tournament. I'm really happy that I've been able to do that. Played great.
"At the end, I didn't even think there was a 59. Honestly I think it helped me a little bit. I just played nicely coming down the stretch, just keep getting one more if I could and I managed to do that.
"Kind of gutted now actually a little bit. Great opportunity to do it. I've done it at Moorpark on the West Course which is only a par 68, but to do it out there would have been really special today.
"Ball in hand helps. I had a couple good lies for up-and-down, but it was fantastic and a good effort for 59."
Wallace started the day seven off the lead and turned in 33 thanks to a two-putt birdie on the par-five second, a tee-shot to ten feet on the sixth and a 13-footer on the eighth.
A 29-foot putt on the tenth then kickstarted his remarkable run as he holed another long putt on the next and left himself six feet on the 12th.
A stunning tee-shot to three feet on the 13th was followed by a second two-putt birdie of the day and when he pitched to two feet at the short 15th, he was just one back.
An approach to tap-in range at the 16th had him in a share of the lead and a tee-shot to six feet on the 17th meant the magic number was in sight with an eagle on the last.
The four-time DP World Tour winner hit a perfect drive on the par-five 18th but found sand with his second before leaving his bunker shot just two feet from the pin as he made a closing birdie and matched the lowest round in Rolex Series history.
"I missed a short one on seven which stopped momentum, I thought, and made one on eight that picked it back up," he said.
"Holed a good one on ten, 11, played nicely.
"Then I didn't really miss a shot coming in. Hit it in tight two holes in a row and then hit it on the par five in two and just missed the eagle putt there.
"On 15, I left myself a perfect angle and yardage - funny how it works out like that - 65 yards, hit it stiff. (On 16) lovely number, 124 sand wedge. Hit it to a foot and a half.
"The shot of the day for me is probably 17. It was in between numbers and could have hit eight. Went for a soft seven to hold it into the pin there and hit it to eight feet and rolled it in.
"Then the last, the miss is right obviously with the water on the left. But I had a good enough chance to try to feed it into that pin and hit it a bit too high and the wind got it, a really nice up-and-down. Been practising those high, soft bunker shots for a while now. That was really nice."