Wayne Pivac’s side slipped to disappointing losses against Racing 92 and Leicester Tigers in the first two rounds of European action. And Owens admits nothing but a win will do on Friday night.
“We have spoken all week about this being a cup final,” said the Wales hooker.
“We either win and give ourselves a sniff or we are out of Europe. It’s that simple and it really is do or die.
“We are disappointed with how Europe started. We lost two games against Racing and Ulster which we should have won.
“Not getting a bonus point up in Leicester was disappointing and not ideal. We know the challenge we’ve got this weekend against Ulster and we’re going to have to do it the hard way again.
Owens will be in directly opposition with Ireland and British & Irish Lions hooker Rory Best this weekend. And the 31-year-old is looking forward to his battle with one of European rugby’s most experienced hookers.
“Rory is a great player and brings a lot with his leadership,” he said.
“His work at the contact area is also a massive strength of his while he also galvanises his pack with his set-piece play. It’s always a tough challenge to play against him but it’s also one I enjoy because I know it’s going to be a battle.
“Ulster will have some players coming back from the Ireland squad who are on a massive high after their autumn. Some people are saying that Ulster are laboring but they’re winning games.
“They had a great start to the season. We know how tough it’s going to be.
“They have a lot of experience, a lot of x factor players out wide so we need to turn up.”