Canadian pair Kelsey Serwa and Julia Murray were consistently strong throughout the four race knock out finals series picking up the gold and silver medals while Sweden's Anna Holmund was third across the line.
Owens qualified for the first of the four rounds in 12th place but drew on the experience acquired from nine years as a national team member to advance to the quarter finals with a second place in the first knock out race.
The Australian won her quarter final ahead of today's newly crowned World Champion, who advanced to the semis with a second place.
However, a racing incident, which often goes with the hustle and bustle of this exciting ski discipline, cost Owens the chance of advancing to the medal round.
Finishing the semi in third place, she had to be content with a berth in the consolation final.
The Australian Institute of Sport skier was determined to make a point and crossed the line in the consolation final in first place, ahead of Poland's Karolina Riemen, German Heidi Zacher, who is currently leading this season's World Cup points standing, and Norway's Marte Hoeie Gjefsen.
Teammates Katya Crema finished in 17th and Sami Kennedy finished in 18th after a freak equipment mishap which saw her lose a binding out of the start gate.
In the men's event, leading skier Scott Kneller had a day he would like to forget.
Qualifiying for the first knock out round in 6th place, the NSW Institute of Sport scholarship holder and winner of this season's round two of the World Cup tour, experienced a slow start and failed to finish in the top two places required to advance to the next round.
Anton Grimus, who qualified for the finals in 30th place, did not finish his first knock out round race.
Canadian Chris Del Bosco made it double gold for Canada with a win in the men's event.