Gerrard and Sterling impressed the former Liverpool striker last term, and Owen believes they can carry that form into the next campaign.
Gerrard won widespread plaudits for his adaptation to a defensive midfield role last season, while Sterling's stock rose in a campaign that saw him score nine Premier League, while also converting to a central attacking midfielder during the latter part of the campaign.
The 34-year-old Reds skipper is at the opposite end of his career to his teenage teammate, but Owen, who played for the Merseyside outfit from 1997-2004, thinks that both players can continue their fine form into the upcoming season.
Speaking to the club's official website, Owen said: "Steven had a fantastic season last season and if he can play anywhere near what he played last year, he's going to give a lot of people a lot of pleasure for another season. Hopefully he can go on.
"He has obviously redefined his game a little bit, which everyone has to do at some point in their career. He was brilliant last year; I remember him having some outstanding games throughout the season.
"Raheem Sterling had a good season last year. He's young and hopefully he can go on, that confidence can snowball and he can become a top player for years to come.
"He had a sensational season last year, helped by the players around him - Sturridge, [Luis] Suarez, Gerrard, Henderson all had fantastic seasons."
Liverpool begin their pre-season with a trip to Danish side Brondby on Wednesday before a visit to Preston North End on July 19 is followed up with home games against Roma, Olympiacos and Manchester City.
The Reds begin their Premier League campaign against Southampton on August 17.