Looking at the definition of Talmid Chacham as it is found in Sefer Kehillat Yaacov of Rabbi Yaacov Tzvi Yolles, z"l, it says the distinguishing characteristics of a talmid chacham are primarily: kindness and understanding.
That these traights are a consequence of studying G-d's ways, like we learn from Rabbi Elazar quoting Rabbi Chaninah (Brachot 64a, Yevamot 122b, Nazir 66b, Keritot 28b and Tamid 32b), "Talmidei Chachamim increase peace in the world, as it says And all your children are Students of G-d, your children increase peace. Do not read, 'your children, but your builders.
The intention is that Talmidei Chachamim increase peace, meaning the covenant of peace, in the world.
Over this last Shabbat, parshat Kedoshim, I came across an interesting Chassidic discourse from the Lubavitcher Rebbe in תורת מנחם התוועדויות מג חלק שלישי - תשכ"ה beginning with the words, "והדרת פני זקן כו," which discusses this subject.
The Rebbe says that another essential aspect of acquiring the title of Talmid Chacham is related to, minimally, knowing by heart, meaning having the entire text memorized, the entire five books of Moshe, at least. And in terms of halacha, to minimally have at least all of seder Kedoshim from the Mishah memorized. For the details of why these particular requirements are present, please see the linked discourse. It is fully sourced and quite enlightening.