Wallace died on Sunday (April 8) at the age of 93, drawing tributes from colleagues and celebrities like Alec Baldwin.
Playboy founder Hefner was among those to eulogise Wallace on Twitter and cited his first interview with the journalist as a turning point in his professional life.
"Newsman Mike Wallace is dead at 93. He did my first TV interview. He was unique. He will be missed," Hefner tweeted.
Hefner added: "Mike Wallace didn't take me serious when we did that first interview, but he changed his mind & said so publicly."
Larry King also touted Wallace's reputation as a tough, but fair journalist who dedicated his life to the news industry
"Mike Wallace was a dear & wonderful friend. Not just a great broadcaster, but a great guy. We will never see his likes again," King shared.
Wallace is most famous for his 38 seasons as host of 60 Minutes, where he interviewed newsmakers such as Lawrence Taylor, Yasser Arafat and Dr Jack Kevorkian.
He was portrayed by Christopher Plummer in the 1999 film The Insider.
Wallace is survived by his wife Mary Yates Wallace, his son Chris, stepdaughter Pauline Dora and stepson Eames Yates.
Watch Mike Wallace interview NFL great Lawrence Taylor below: