After graduating college, she was an on-the-air reporter for a station in New Haven, Connecticut. Wallace was sent to Central America in the 80s by CBS. During her time at CBS, she covered two international stories, the exposition of US government's mining of a Nicaraguan harbor and the hiring of drug-smuggling pilots from the CIA. She also covered the riots in Haiti.
In 1994, she hosted the half hour news program Under Scrutiny with Jane Wallace on the new fX cable television channel.