Hyypia lasted four months of the Championship season at the Amex Stadium but the side slipped into the relegation zone and the former Liverpool man had no option but to resign yesterday.
Hyypia oversaw 22 league matches at Brighton but was only able to win three.
And Owen, who played alongside the Finn at Anfield, has expressed his disappointment on the 41-year-old's behalf.
"Gutted for my old mate Sami Hyypia losing his job at Brighton although for a team with eyes on promotion at the outset, results had to be better," the ex-Liverpool striker wrote on Sportlobster.
A 'very sad' Kemy Agustien, meanwhile, took to Twitter to admit the players now need to take responsibility for their side's plight.
Sad to see the manager leave today but just want to thank him for everything and all of his support. http://t.co/w6jAvAf6p2— Darren Bent (@DarrenBent) December 22, 2014
Very sad to see the manager leave. We as a team need to take the responsiblities cuz its up 2 us nobody else to turn this around— kemy agustien (@KemyAgustien) December 22, 2014