In 1951, Wallace formally resigned his position as the Principal of Queen's. His time at the institution was marked by tremendous growth, in terms of both facilities and enrollment. Under his leadership, Queen's University had become a premier post-secondary institution, and it is no surprise that his time at Queen's is looked upon fondly by staff, students, and alumni. To many close friends, he was known as “Wallace of Queen’s”. Wallace Hall, a large medieval style meeting hall (that is now part of the John Deutsch University Centre Complex), was named in his honor. The portrait collection of Queen's Principals and Chancellors can also be found in Wallace Hall.