This is the topic of a new $2 million research program sponsored by the Arete Initiative at the University of Chicago called Defining Wisdom. They are offering up to 20 research grants to scholars who have received their Ph.D.s within the last ten years ('cause those are all the smart people, dontcha know), for scholarly and scientific approaches to empirically defining wisdom.
Letters of intent to apply must be received by November 19. Go to the website or write to firstname.lastname@example.org for more information.
(I'm not applying, no. I don't have a Ph.D. But I thought some of my readers might qualify or know people who do. Anyway, it's interesting. So pass the word.)