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Combine the rosemary, parsley, garlic, oil, mustard, salt, and pepper in a food processor. Pulse until the herbs are finely chopped and the ingredients are combined.
Coat the entire prime rib with the herb mixture. Refrigerate, uncovered, for 4 hours.
When ready to cook, start the Traeger on Smoke with the lid open until a fire is established (4-5 minutes). Turn temperature to 250 degrees F and preheat, lid closed, for 10 to 15 minutes.
Place the prime rib, bone side down, on the grill.
Grill, allowing 12-15 minutes per pound, until the internal temperature of the thickest part of the prime rib reaches 120-130 degrees F for rare to medium-rare, about 1 to 1 ¾ hours.
Remove the prime rib from the grill, tent loosely with foil, and let rest for 15 minutes before slicing. Enjoy!