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In a small mixing bowl, combine the butter, garlic, bourbon, chives, parsley, and salt and pepper and stir with a wooden spoon. (The flavored butter can be prepared ahead and refrigerated until serving time.)
When ready to cook, start the Traeger grill on Smoke with the lid open until the fire is established (4 to 5 minutes).
Generously season the steaks with the Traeger Prime Rib Rub. Arrange the steaks directly on the grill grate and smoke for 1 hour.
Momentarily remove the steaks to a platter and set the temperature of your Traeger to 450F (High). Return the steaks to the grill grate and grill, turning once, for 6 to 8 minutes per side, or until done to your liking (135F for medium-rare).
Transfer the steaks to a platter and immediately top each with a pat of the bourbon-flavored butter. Let the meat rest for 3 minutes before serving. Enjoy!