The England striker, a 52nd minute replacement for Obafemi Martins, lost his markers to convert a Geremi cross 19 minutes from time.
But the game hinged on Kevin Nolan's missed penalty after 58 minutes.
Steven Taylor handled a Gretar Steinsson centre but the Wanderers skippers weakly struck spot kick was easily saved by Shay Given.
Nolan also headed wide late on from eight yards to complete his misery.
Gary Megsons side lost record signing Johan Elmander with a leg injury early in the first half and Matty Taylor also limped off before Owen pounced. Tweet

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