The Ravens signed Wallace on Monday, Clifton Brown of the team's official site reports.
Wallace is a six-year veteran who has appeared in 74 career regular-season games. The safety was signed to compete for a depth role in the Baltimore secondary under new head coach Jesse Minter. Minter likes to run three safeties frequently, so Wallace will compete with Keondre Jackson and Jahquez Robinson for snaps behind the team's starters. The 28-year-old's experience as both a depth option and special teams player will give him an edge during what will likely be a heated training camp battle to stay on the 53-man roster.