Start by preparing the prime rib. Trim excess fat if necessary, leaving a thin layer for flavor.
In a bowl, combine kosher salt, black pepper, garlic powder, onion powder, olive oil, chopped rosemary, and thyme to create a rub.
Rub the mixture liberally over the entire surface of the prime rib, ensuring even coverage. For best results, cover and refrigerate the seasoned roast for at least 4 hours or overnight.
Preheat your smoker to 225°F (107°C). Add the soaked wood chips to the smoker.
Remove the prime rib from the refrigerator and let it sit at room temperature for about 30 minutes before smoking.
Once the smoker is ready, place the prime rib directly on the smoker grate, fat side up.
Smoke the prime rib until it reaches an internal temperature of 130°F (54°C) for medium-rare, which will take approximately 3 to 4 hours depending on the thickness.
Use a meat thermometer to monitor the temperature accurately.
Once the desired temperature is reached, remove the prime rib from the smoker and wrap it loosely in aluminum foil. Let it rest for at least 20 minutes before slicing.
After resting, slice the prime rib against the grain and serve on a platter.