The emotional moment was captured by BBC cameras after the 4-1 joint favourite triumphed in the King George V Stakes.
Owen, 31, owns stables in Cheshire, where he and handler Tom Dascombe have more than 100 racehorses, and he was hugging the trainer as the tears appeared in his eyes as jockey Richard Kingscote steered the horse into the enclosure.
Asked if it was better than scoring a hat-trick for England, Owen said: "I've scored a couple of them. It's a bit different owning a horse that wins at Royal Ascot.
"It doesn't get any better.
"I am delighted to have such a good horse. I've been shouting, 'Come on Richard' - I can hardly speak."
Afterwards, a delighted Dascombe added: "Michael told me this morning, 'If the horse wins today, you will see me cry.'
"He loves the horses, he loves the racing."