Wallace surpassed Eli Manning in the Ole Miss record books with 256 passing yards and 22 completions as the Rebels (8-5) took a sixth straight bowl victory and second under Coach Hugh Freeze.
Wallace ran for a pair of scores and passed to Donte Moncrief for another, helping Mississippi bounce back from two straight losses ending the regular season.
Moncrief finished with six catches for 113 yards, including the 28-yard touchdown reception.
Darren Waller caught a scoring pass and Robert Godhigh supplied a TD run for Georgia Tech (7-6).
Swim Week Miami Beach 2014 [PHOTOS]