Wace was born in 1876 in Tunbridge Wells, the eldest son of Alfred Augustus Wace who worked in the Indian Civil Service. Wace attended Chaterhouse before coming up to Pembrokem matriculating in Michaelmas Term 1895. He was awarded a 'blue' for Association Football in 1899, the year after gaining his B.A. After his time at Pembroke he was a schoolmaster and fruit farmer. He married Mary, daughter of Thomas Douglas in 1903. He died on 11 July 1951 at Wadhurst.