On Wednesday the 19-year-old will line up alongside Owen as World Cup qualifying Group Six leaders England tackle Azerbaijan in Newcastle.
Despite now being in the same national team, the Manchester United forward still looks up to his strike partner.
"Michael is a great player and a great goal scorer," Rooney told theFA.com on Tuesday. "I can learn a lot from him and obviously I will do that."
However, the admiration for a player who is six years his senior went a lot further when Rooney was aged 12.
"For the 1998 World Cup I used to watch all the games on TV at my nan's house and then go outside afterwards and play football in the street," he recalled.
"I used to pretend I was the England players. Now, obviously, it's amazing to be playing with some of those same players.
"Michael's goal against Argentina was brilliant. The way he took the ball was amazing and he was so composed when he got in front of the goal. I think I probably pretended to be Michael Owen that night."
Rooney has blossomed into the one of the most devastating young forwards in world football, a development he believes has been aided by his move from Everton to United.
"I think it's helping me in a lot of ways," he said. "I am around top players who have all played in World Cups and European championships and who all still want to learn themselves.
"You can only get better being around those type of players and it shows in the intensity of training every day. You are always wanting to learn as a professional footballer how people do things on and off the pitch.
"PERFECT PROS"
"Gary and Phil Neville for example -- they do everything right. They eat all the right food and do all the right training. I'd probably say they are the perfect pros."
Two of Rooney's assets are his apparent immunity to pressure and a strength on the ball which enabled him to surge past two Northern Ireland players in the 4-0 win on Saturday from a seemingly hopeless position.
"Obviously I think everyone feels pressure but, as soon as you go out on that pitch you have got to do the best you can," he said.
"I love playing football so from the first whistle I am always 100 percent focused on the game."
Asked if there was ever any room for self-doubt in a player who was the youngest to don an England shirt as a 17-year-old, Rooney said: "Never. I am a footballer who is confident in myself and my ability on the pitch.
"From the first moment the manager picked me for England I have always thought that I am worthy of playing on this stage.
"My strength probably comes from the fact that I went to boxing for four or five years. I was only small when I was younger so I think that gave me a lot of my strength.
"I don't do any weights or anything these days because I don't want to get too big."
