Wallace shifts from out-half to inside centre, with Ian Humphreys, who has recovered from an ankle injury, and Ruan Pienaar restored at half-back.
Adam D'Arcy and Andrew Trimble join Danielli in the back-three, and the 20-year-old Nevin Spence comes in at centre for his seventh Magners League appearance.
Up front, Tom Court, who was used as a replacement last Saturday, and BJ Botha start in the front row alongside team captain Rory Best.
South African powerhouse Johann Muller rejoins Tim Barker in the second row, and the final two changes see Chris Henry and Pedrie Wannenburg take over from Thomas Anderson and Robbie Diack in the back row.
Stephen Ferris is a notable inclusion amongst the replacements, having recovered from a leg injury sustained in training ahead of last month's game against Bath at the Recreation Ground.
Ulster, who beat Benetton Treviso 19-9 in the away fixture at the end of November, will be looking to get their Magners League campaign back on track after defeats to Leinster and Munster over the festive period, particularly with important games in Europe ahead.
Treviso won both legs of their festive derbies against Aironi, but have not posted a competitive victory outside of Italy since December 2007.
Gates open at 5.30pm and tickets will be available to purchase on match night.
ULSTER (v Benetton Treviso): Adam D'Arcy; Andrew Trimble, Nevin Spence, Paddy Wallace, Simon Danielli; Ian Humphreys, Ruan Pienaar; Tom Court, Rory Best (capt), BJ Botha, Johann Muller, Tim Barker, Chris Henry, Willie Faloon, Pedrie Wannenburg.
Replacements: Nigel Brady, Bryan Young, Declan Fitzpatrick, Dan Tuohy, Stephen Ferris, Paul Marshall, Ian Whitten, David McIlwaine.