I have no idea of the location (wrecks are not my cup of tea), but you may want to check with Cathy Church or Sunset Divers as to the exact spot since I found this info regarding it’s location:
“I checked with Cathy Church who has the popular photo center at Sunset House. She loves the PALLAS (referred to as the PALLAS or PALACE wreck) where she takes some of her photo students snorkeling among “schooling fish and colorful corals.” The wreck is about 60 yards from shore, not far from the South Sound Community Cemetery. The Norwegian freighter sank in a storm in 1903 and is scattered about in 6 to 60 feet of water. Some of its artifacts are in Grand Cayman’s National Museum. For more details check out: “Shipwrecks of the Cayman Islands” by Wood Lawson or “Tropical Shipwrecks” by Dan and Denise Berg. Ellsworth Boyd, Wreckmaster”
The entry on page 131 in Lawson Wood’s Shipwrecks of the Cayman Islands gives a pretty good description of the wreck’s location.
Also, from this image and the linked video it looks like some of the remains are visible from shore and it is stated as being easy to find - Palace Wreck Video (video #16)