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In a large resealable bag, combine flour and Traeger Prime Rib Rub. Add the beef cubes and toss to coat evenly.
In a large Dutch oven over medium heat, warm oil until shimmering. Brown the beef in batches on all sides, then pour in wine (if using) and beef broth, scraping up browned bits. Stir in onion, garlic, tomato paste, Worcestershire sauce, bay leaf, and thyme.
Set the Traeger grill to 300°F (149°C) and preheat with the lid closed for 15 minutes.
Place the Dutch oven on the grill grates, cover, and cook for 2 hours. Add the carrots and potatoes, then cover again and continue cooking for another 2 hours, or until the meat and vegetables are tender.
If the gravy needs thickening, stir in 2–3 tbsp mashed potato flakes. Remove from the grill, garnish with chopped parsley, and serve with biscuits or buttered noodles.