Lake Wallace is the heart of Edenhope, featuring abundant bird life and located on the edge of the township. It is a lovely spot for a picnic or barbecue. The 5.5 kilometre perimeter track is perfect for a walk, run or bike ride with plenty of shade and wildlife.
Henley Park is located near the southern end of the lake there are good facilities next to the children's playground with shelters containing tables and barbecues, along with toilets and showers. Henley Park is home to many events including Henley on Lake Wallace and Day of the Dackel.
The water level in the lake can fluctuate over time and the lake can dry up completely. During times of high levels it is used for swimming, fishing and boating activities.
The lake is named after William Wallace. In the 1860s local Aboriginal station workers were trained in the art of cricket batting and bowling on the banks of Lake Wallace.