The 32-year-old has played over 100 games with Pittsburgh, Carolina, New York and Tampa Bay. He has also iced 439 times in the AHL, scoring 99 goals with 101 assists.
Steelers’ boss Paul Thompson said: “It’s an impressive résumé and I guess it speaks for itself.
“I wanted a big power forward who was a right-handed shot and Tim fitted the bill perfectly. This is a guy who plays hard, finishes his hits, goes to the net and has a big shot.
“He is a no-nonsense player but he also backs it up with a good skill set. He led Orebro in scoring back in 2014 in the SHL.
“I don’t want to build him up, I don’t think there is any need. You can see we have signed a quality player.
“You don’t play where he has without doing a lot of things right. I think he will add to our already strong leadership group.
“He isn’t a direct replacement for either Geoff Walker or Guillaume Desbiens, he is his own man. Another strong player we are adding to our line-up.”
Wallace added: “You do your homework on clubs and this sounded like a really good fit.
“I spoke with Paul Thompson and we went backwards and forwards – I liked his style and what he had to say.
“I did my research and spoke with guys who had played over there. I’m joining the champions and I want to win again.
“I’m a two-way player, I can make plays and score whilst knowing my role. I’ve played 10 years pro, so I’m an experienced guy.
“After playing in the NHL I moved to Sweden. I wanted to play in the big leagues in Europe and I’ve done that. Sweden, Germany and now England. I’m excited to get over there and get going.”