Goals from Naby Keita and Roberto Firmino gave the Premier League leaders a 2-0 win at Anfield, setting themselves up nicely for the second leg in Portugal next Wednesday.
Between the two Porto games, Liverpool will face a tough ask as they host Chelsea in a must-win league game.
With five games remaining, the Reds hold a two-point lead over the champions, who have a game in hand.
And Owen believes that last night’s win will have been the perfect result, given their need to progress into the semi finals for the second straight year.
The former striker spoke on BT Sport about the impact Jurgen Klopp has had on the side, referencing how strong they are at home.
“They dominated from the start and it could have been many more goals,” he explained.
“Two European finals in three years under Klopp is not to be sniffed at – now [they’re] in the quarter-finals and in a great position to go to the semi-finals.
“Liverpool have always suited knockout football under Jurgen Klopp.
“It would be an absolute disaster if they go out from this position now.
“I fully expect them to be in the semi-finals.
“I think Liverpool at Anfield are so strong, so in control.
“I can’t see any team in Europe coming here and dominating that. The fans, the players, it’s everything together.”
Klopp warned his players after the game that next week’s tie will be much tougher.
“The game is still on, we have to go there and fight.
“Porto will try to strike back. It will be a tough game but that is what you expect in the quarter-finals of Champions League.
“There is still a lot to do, the atmosphere will be really tough and intense.
“This is the result we wanted before the game.”