Remove the prime rib from the refrigerator about 30 minutes before cooking to allow it to come to room temperature.
In a small bowl, mix together the salt, black pepper, garlic powder, onion powder, smoked paprika, rosemary, and thyme to make the spice rub.
Rub the olive oil all over the prime rib and generously apply the spice rub mixture, ensuring it covers the entire surface of the roast. Let it sit for 30 minutes.
Preheat your smoker to 225°F (107°C). Soak the wood chips in water for about 30 minutes before smoking, then drain.
Place the wood chips in the smoker box or directly on the coals and once the smoker is at temperature, place the seasoned prime rib on the cooking grate, bone side down.
Insert a meat thermometer into the thickest part of the roast and smoke the prime rib until it reaches your desired internal temperature (135°F for medium-rare or 145°F for medium). This typically takes about 4 hours.
Once the desired temperature is reached, carefully remove the prime rib from the smoker and wrap it in aluminum foil. Let it rest for at least 20 minutes.
After resting, use a sharp chef's knife to slice the prime rib into desired thickness and serve with your favorite sides.