Certainly doesn't appear to be allowed at the moment.
2.5 Membership of the Velocity Program is personal to you. This means that membership, Velocity Membership Cards and all benefits associated with membership (including Points and Rewards) are not transferable to anyone else.
But there is nothing stopping your wife redeeming a flight for you:
You may use your Points to acquire an Air Reward on Virgin Blue, Pacific Blue Aust, Pacific Blue NZ or Polynesian Blue for another person. An additional booking charge will apply unless the person is a member of your immediate family (namely spouse [including de facto partner], parent, step parent, parent in law, grandparent, brother, sister, child (including foster child and step child), grandchild, son, daughter, son-in-law and daughter-in-law).


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