I'm a UK passport holder; my wife isn't. We don't live in UK. If she gets a UK visit visa, does this entitle her to travel to the Schengen area or do I need to get her a separate Schengen visa?
Essentially what you are asking is...
If a person holds a UK Standard Visitor Visa, can they use it to enter the Schengen zone as a short-term visitor?
The answer is no. The Schengen regime does not recognize UK visas, and the two types of visas (UK and Schengen) are not interchangeable. Carriers are aware of these rules and will not allow the person to board the ship or aircraft unless the person has the appropriate visa.
Having said that, it's always possible to present a UK visa as evidence in a Schengen application. Schengen officials like to see that kind of evidence because it helps establish the person as a bona fide visitor (all other things being equal and all the other evidence is up to scratch).
Note: EU routes... You can look into getting an EU family permit for your wife, but there's not enough info in your question to determine if she qualifies or not.
There are no reciprocal agreements between the UK and the Schengen zone for those people that require visas to the UK.
In other words, if your wife requires a visa to the UK, she is not entitled to enter the Schengen zone on behalf of her UK visa. She will need to apply separately.
Now, there are some circumstances in which the process of getting a Schengen visa for your partner can be sped up - especially if you two are traveling together (this has to do with freedom of movement in the EU); however you need to provide more details in order to determine if this applies here.
If she is to travel alone, then she would most definitely need to apply for a Schengen visa just like any other visitor.