Can't remember recipe and can't find it online
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That sounds like Ann Seranne's rib roast recipe to me: http://www.food52.com/recipes...
There's a recipe on allrecipes.com for High Temperature Eye-of-Round roast where one preheats the oven to 500, puts in the seasoned roast and reduces the heat to 475 and roasts the meat for 21 minutes. Then one turns off the oven and lets the roast sit for 2 1/2 hours without opening the oven. I tried this recipe and it worked wonderfully for me. Others on the site had problems with it. It's essential to use a small-ish roast (no bigger than 3 pounds). I think success with this recipe depends on how long your individual oven retains heat. Some complained that the meat was overdone, others that it came out raw. MIne came out perfectly medium rare. Maybe I just got lucky. I hope this helps.
There are at least two approaches to the technique: Sear on the cooktop then transfer to a low oven, and the one mentioned in the link above, sear in a hot oven then turn the oven off and let the meat coast. The latter can be improved -- vastly -- by turning the oven down to 200F instead of off, eliminating or reducing a number of variables. I prefer the first method as it gives me better control and a smaller grey layer.
Whichever method you choose, use a digital oven thermometer. Cooking should not rely on guesses and pure dumb luck.
Watch and record the internal temperature as the meat roasts. You will notice the temperature rise is very non-linear (rapid change at the beginning, very slow toward the end -- a lesson in thermodynamics and the efficiency of heat transfer). The technique is not limited to any particular size or cut of meat but of course cooking times will increase with size and weight. Keep a record for future use.
Why bother? For one, the low temperatures allow the meat's enzymes to work for a longer time before becoming denatured, tenderizing the meat. Eye of Round becomes more like Top Sirloin, Top Sirloin becomes more like Prime Rib. Then there's that grey layer I mentioned earlier. Or rather, lack thereof. Yum.
Yes, yes, yes ! The easiest, and BEST oven roast I've ever made. Rub the roast with about 1 tablespoon of kosher salt for a 3-5 pound roast. Wrap tightly in plastic wrap & refrigerate over night (put on a plate or tray to contain any leakage). Pull the meat about an hour before you want to start cooking it, pat it dry with paper towels, and preheat your oven to 225°F. After an hour, pat the roast dry again, sprinkle liberally with cracked pepper on all surfaces. Rub it with a couple of tablespoons of high-heat, neutral oil. Bring a heavy, NOT non-stick skillet to screaming hot over high heat on the stove top (cast iron works best). Sear the roast on all sides, usually about 3 minutes per side. Put the seared roast on a rack in a roasting/baking pan, and stick a probe thermometer (that can go into the oven, of course) into the thickest part of it, not touching bone if your roast has bones. (NOTE: You *can* live without the probe thermometer, you just have to check the internal temp more often with an instant read guy. It's more of a pain, but it can be done.) Stash it in the oven until you get an internal reading of 115° for rare or 125° for medium. Depending upon the size of your roast, it can take anywhere from one to 2&1/4 hours. If you're not using the remote probe type thermometer, start taking the temp on the low side of the time frame. But quickly. You loose heat every time you open the oven door. Then, TURN THE OVEN OFF. And walk away. Until the internal temp rises to 125° for rare, 130° for medium-rare and 140° for medium. Don't look, don't open the door (unless you need to take the temp, then you sort of have to.....but again, do it quickly). Timing....between 20-50 minutes depending upon the size of the roast and the desired level of doneness. Pull it, tent with foil, and let it rest for 15 minutes or so. The BEST, most meltingly tender, most juicy, tasty, succulent roast you will ever have. I've used this on prime ribs, on tenderloins, on sirloins and even crap cheap cuts like eye of round. Dead bang simple and so good. I'll never do a dry roasted piece of beef any other way. It's based on a Cook's Illustrated method from a while back.
Have also done this on the grill. The eye roast is perfect. The rewarding method so as not to lose the perfect medium rare is to slice thinly and warm in beef broth.
My comment was supposed to be a rewarming method
Rub 1 stick of butter all over the roast. Pour a bottle of banquet seasoning on it. Preheat oven to 500. Put roast in & turn of after 20minutes. Leave in & dont open the door for 4 hrs. Perfect