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Wallace \wa-lla-ce\ as a boy's name is pronounced WAL-iss. It is of Old French origin, and the meaning of Wallace is "Welshman". From "waleis". Originally a Scottish surname which refers to foreigners from the south. Popular as a given name in the 19th century. Sir William Wallace was a 13th-century Scottish patriot who struggled in vain against the English King Edward I. Poet Wallace Stevens, actor Wallace Beery. Wallace has 8 variant forms: Wallach, Wallas, Wallie, Wallis, Wally, Walsh, Welch and Welsh. Baby names that sound like Wallace are Ellice and Ellyce. View a list of the 3 names that reference Wallace.