The England striker, 29, who has not played since damaging his ankle against Manchester City at the end of January, said Newcastle could repeat the escape act they performed last season but had to beat the teams around them in the relegation scrap.
"The game at Hull City on Saturday week is shaping up to be our cup final -- and the other games against teams around us, Stoke City, Portsmouth and Middlesbrough could also be crucial," Owen told Newcastle's website.
"We've got some tough games coming up, yes, but we've got some very winnable games -- games which, if we do win them -- will put our biggest rivals in trouble."
"There is no denying we are in the middle of the relegation scrap, but (we) have no doubt in our minds that we have enough quality to pull clear," he said.
"However, this is now the time when we have to stand up and be counted -- just like we did last year when we put together a very good seven-match unbeaten run.
"That sort of sequence is well within our capabilities, and while we have some tough home fixtures in a row -- which started against Manchester United and continues with Arsenal and Chelsea, it is the other games against teams around us that are going to be most significant."
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