Preheat waffle maker. Spray waffle plates with nonstick spray or light coat of oil.
In a large bowl, sift together the flour, baking powder, sugar, and salt.
In a medium bowl, whisk together the eggs, milk, and melted butter. Mix the wet ingredients into the dry ingredients and blend until incorporated. Add salt and pepper to season.
Add the prosciutto and cheese to the batter, and stir to combine.
Ladle batter into waffle maker, according to manufacturer's directions, and close plates. Cook 4 to 5 minutes or until golden brown. Continue the same with remaining batter.
In a small bowl, whisk together mayonnaise, Dijon mustard, whole-grain mustard, honey, vinegar, and paprika. Serve over waffles or on the side as a dipping sauce.