"They have done a lot for Ulster and Irish rugby", he said.
The chief executive of Ulster Rugby, Shane Logan, says he does not envisage Paddy Jackson or Stuart Olding playing for Ulster again.
Mr Wallace said he was sure fans would welcome Mr Jackson and Mr Olding back to Ulster's Kingspan stadium if they return with another club against their old side.
He also dismissed the idea that the players were let down by their club and country.
The Ulster Rugby and IRFU review has focused on a series of sexually explicit WhatsApp messages revealed during the trial involving the players and their friends.
Exeter Chiefs, meanwhile, have distanced themselves from speculation suggesting they are interested in bringing Olding to Sandy Park, while former Ireland coach Declan Kidney refused to comment when asked if he would be interested in bringing either to Premiership outfit London Irish.
"In my experience, the culture is actually very healthy and very good, and a couple of players made serious errors of judgement".
"I hope that they will learn from that and I hope they fulfil their potential going forward". Mr Jackson was also cleared of sexual assault.
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He insisted money did not drive the decision to sack the players.
The duo are expected to resume their rugby careers outside Ireland.
"No sponsor including Bank of Ireland drove the decision", he claimed.
'We have taken on board everybody's views right across society, right across our supporter group, our sponsor group, our players, clubs, volunteers, we are part of society.
"It is probably best on both counts that [Jackson and Olding] go elsewhere to ply their trade, and I don't think they will be short of offers either", he told RTÉ's Today with Seán O'Rourke show.
'But at the end of the day, having looked at all those things, the decision was based on alignment with what it is we stand for, in particular, the value of respect.
Following the Belfast rape trial verdict on March 28th, Mr Jackson (26) and Mr Olding (25) were found not guilty of raping a woman at a house party at Mr Jackson's south Belfast home in June 2016.
'However, I recognise that my behaviour has fallen far short of the values expected of me as an global player, a role model for the game of rugby and as a son and a brother.