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When ready to cook, start the Traeger grill on Smoke with the lid open until the fire is established (4 to 5 minutes). Set the temperature to 225 degrees F and preheat, lid closed, for 10 to 15 minutes.
While grill is starting trim any excess fat off of the tri-tip and season with Prime Rib Rub.
Place tri-tip on grill and cook until an internal temperature of 130 degrees F. This should take 1 to 1-1/2 hours. When the tri-tip reaches 130 degrees F pull off the grill and set aside.
Turn grill to 475 degrees F, after 15 minutes return the tri-tip to the grill and cook 3 minutes per side. Pull off and slice. Enjoy!