The Spanish La Liga title-holders doused United 3-1 in the Champions League final at Wembley in May and have only strengthened their squad in the off-season with the arrivals of Cesc Fabregas and Alexis Sanchez.
But Owen says the Red Devils do not fear Pep Guardiola’s men although he does admit things would have to alter if they did meet again in Europe this season.
“If we played Barcelona again in the final, then we'd have to do something differently because they obviously outplayed us on the night," he told Inside United.
"Then again, I don't think there's any shame in losing to a team like that. We're not ashamed of how we played at Wembley but, if we played them again, then I do think we'd have to look at adopting a slightly different approach.
"On that one night's evidence, you'd have to say that there was a gap between the two sides because they beat us quite convincingly. But that was a one-off game. We wouldn't be frightened of playing them again, that's for sure."
He added: “We have to forget what happened last year - and we would have done that even if we'd beaten Barcelona - and start again. We have some great memories from last year's competition, even though it ended disappointingly.
"Now we start again and the aim is to win the competition."