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In a food processor, combine the rosemary, parsley, garlic, canola oil, mustard, salt, and pepper. 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, set the Traeger temperature to 250℉ and preheat with the lid closed for 15 minutes.
Place the prime rib, bone-side down, on the grill grates. Insert the probe into the thickest part of the roast, avoiding the bones and any large pockets of fat. Close the lid and cook until the internal temperature reaches 120℉-130℉ for rare to medium-rare, about 5 hours (begin checking the internal temperature every 45 minutes after the 2 hour mark).
Remove the prime rib from the grill, tent loosely with foil, and let rest for 15 minutes before carving. Enjoy!