Liverpool manager Brendan Rodgers left the duo on the substitutes’ bench for the Champions League Group B clash at the Santiago Bernabeu.
Midfielder Gerrard and winger Sterling both came on in the second half, but they failed to prevent the Reds from suffering a 1-0 defeat.
Before the match, former Liverpool striker Owen wrote on Sportlobster.com: ‘Even if they have been rested, I can't imagine Sterling and Gerrard will be too happy.
‘Not every day you get to play in The Champions League at The Bernabau having played a huge part in getting your club there in the first place’.
Owen, though, did understand the reasons for Rodgers making a number of changes to his team and leaving some key players on the bench.
‘Clear sign that Rodgers has an eye on the weekend’, wrote the 34-year-old. ‘He won't admit it but he has picked a team knowing that if it goes wrong he can keep morale high having rested a few. Big chance for a few players to shine on the biggest stage’.
Liverpool are currently third in Champions League Group B with three points from four matches, three points behind second-placed FC Basel. The Merseyside outfit will take on Chelsea at Anfield in the Premier League on Saturday.