Grace is a 432 acre lake with a maximum depth of 16 feet and is located entirely within the Boundary Waters Canoe Area Wilderness (BWACW). Grace is on the "Lady Chain" lake route and is accessible by portage from Beth, Ella, and Phoebe Lakes. There are five United States Forest Service (USFS) campsites located on Grace, three on the southwestern side of the lake and two on the northeastern side.
Grace is surrounded by mixed coniferous and deciduous forest and has about twelve islands. The primary substrates are boulders and rubble and aquatic vegetation is found occasionally throughout the lake. The most common plant species present are floating-leaf burreed, spikerush, arrowhead, watershield, and white and yellow water lily.
The Finland Fisheries Office has sampled Grace three times: in 1963, 1976, and 2012. Walleye were first sampled in 1976, after a fry "planting" in 1965. Smallmouth bass were first found in the lake in 2012. Yellow perch were sampled in the first two surveys, but they were not found in 2012. Other fish species present in Grace include white sucker, Iowa darters, and bluntnose minnows. Although Grace's fish community has changed over time, it now provides angling opportunities for abundant medium-sized smallmouth bass and the occasional large walleye.
Smallmouth bass are very abundant in Grace, their abundance in 2012 was far above average for Grace's lake type. The rocky habitat and clear water of the lake are ideal for smallmouth bass. Average size of smallmouth was 9.5 inches and about 17% of the fish sampled were over 12 inches. Although the population has many smaller individuals, growth of smallmouth was above the Finland Area average. Smallmouth bass recruitment is consistent in Grace and the fish appear to be relatively long-lived, the 2012 survey sampled fish that were spawned in each year from 2011 to 2001.
Walleye numbers in Grace are low, however, larger walleye are present in the lake. Catch rates of walleye in 2012 survey were below average, but average size of walleye was 21.4 inches (3.2 pounds). Walleye recruitment appears to be poor in Grace Lake and the lake may not have seen a recent year class of walleye (all walleye sampled were between 5-13 years old). Although walleye abundance is low, their growth is above average for Grace's lake type. The largest walleye sampled in 2012 was 24.3 inches (6.8 pounds).
Only one northern pike was sampled in the 2012 survey. Northern pike have been present in the lake since the initial 1963 survey, when their abundance was highest, however, the low pike catch rate was similar in 1976 and 2012. The pike sampled in 2012 was large and measured 37.0 inches and 10.4 pounds.