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From 1975 to 1979, he was consultant for ''The Great Chiefs'' and ''The Texans'' for ''Time-Life Books.'' In 1967, he was among the first four professors named a Paul Whitfield Horn Professor, the highest recognition that the university bestows. He held the designation until his retirement in 1976, the official end of his 40-year career. (Horn was the founding president of Texas Tech, having served from 1923 to 1932.)<ref>{{cite web|url=http://www.swco.ttu.edu/University_Archive/uacollections11.html|title=List of Horn Professors at Texas Tech University|publisher=swco.ttu.edu|accessdate=September 13, 2009}}</ref> The next historian at Texas Tech so honored was [[Allan Kuethe]] in 1990. In 1954, Wallace was named a fellow of the Texas State Historical Association and served as the associatio0n president from 1977 to 1978. In 1968, the West Texas [[Chamber of Commerce]] presented Wallace with the "Cultural Achievement Award for Significant Contributions to Historical Literature." In 1969, he received the Minnie Stevens Piper Award for his contributions to historical scholarship. In 1971, the West Texas Museum Association presented Wallace with its Action Award for his "outstanding contributions to the enrichment and culture" of the South Plains.<ref name=handbook/>​

From 1975 to 1979, he was consultant for ''The Great Chiefs'' and ''The Texans'' for ''Time-Life Books.'' In 1967, he was among the first four professors named a Paul Whitfield Horn Professor, the highest recognition that the university bestows. He held the designation until his retirement in 1976, the official end of his 40-year career. (Horn was the founding president of Texas Tech, having served from 1923 to 1932.)<ref>{{cite web|url=http://www.swco.ttu.edu/University_Archive/uacollections11.html|title=List of Horn Professors at Texas Tech University|publisher=swco.ttu.edu|accessdate=September 13, 2009}}</ref> The next historian at Texas Tech so honored was [[Allan Kuethe]] in 1990. In 1954, Wallace was named a fellow of the Texas State Historical Association and served as the associatio0n president from 1977 to 1978. In 1968, the West Texas [[Chamber of Commerce]] presented Wallace with the "Cultural Achievement Award for Significant Contributions to Historical Literature." In 1969, he received the Minnie Stevens Piper Award for his contributions to historical scholarship. In 1971, the West Texas Museum Association presented Wallace with its Action Award for his "outstanding contributions to the enrichment and culture" of the South Plains.<ref name=handbook/>​

Among Wallace's colleagues at Texas Tech were professors emeriti [[Paul H. Carlson]] and Alwyn Barr, both also authors on Texas topics.​

Among Wallace's colleagues at Texas Tech were professors emeriti [[Paul H. Carlson]] and [[Alwyn Barr]], both also authors on Texas topics.​

In 1975, Wallace received the Outstanding Teacher Award, which involved the establishment of the  Ernest Wallace Scholarship in History, from the Texas Tech chapter of Phi Alpha Theta honor society. Though he suffered a heart attack in 1972, Wallace recovered to continue his academic duties and was still active professionally long after his official retirement,<ref name=handbook/> having maintained an office in Holden Hall, the home of the Tech history department.​

In 1975, Wallace received the Outstanding Teacher Award, which involved the establishment of the  Ernest Wallace Scholarship in History, from the Texas Tech chapter of Phi Alpha Theta honor society. Though he suffered a heart attack in 1972, Wallace recovered to continue his academic duties and was still active professionally long after his official retirement,<ref name=handbook/> having maintained an office in Holden Hall, the home of the Tech history department.​