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"I am really pleased to have signed a new contract, the future looks exciting with Ulster with the new coach that we have in place and the fact that Matt Williams was very keen to keep me was a big sway in me staying." he said.
"I feel that there is unfinished business here at Ulster because we have not progressed in the Heineken Cup in the last number of years and that is something that I have always wanted to do with Ulster and I think it is something that we can do in the next couple of years."
Wallace, who is likely to win his 100th cap for Ulster within the next few matches, made his Ulster debut against Swansea in August 2001 and whilst primarily an out-half, his versatility means that he has often played for Ulster in the centre and occasionally at full-back.
He has played 26 times in the Heineken Cup scoring a total of 81 points.
Matt Williams, who is currently preparing his Ulster side ahead of his first game in charge against The Dragons at Ravenhill this Friday is delighted to have secured Wallace's services;
" Paddy agreeing his contract is great news, I am delighted. I have known Paddy for a long time and he is a real talent on the pitch as well as a proud Ulsterman and I consider him one of our top players. He is a creative player who could hold his own in any team in the world and to have him staying is a big plus and a vote of confidence for the team "
