Coloccini was shown red for a late challenge on Luis Suarez with less than 10 minutes left, with replays showing that the Argentine's foot was high, although there was minimal contact.
Owen, who has played for both Newcastle and Liverpool, believes that Coloccini tried to pull out of the challenge and didn't deserve to be sent off.
"Not having that at all. He didn't touch him and to say there was intent is laughable," Owen wrote on his Twitter page.
"Let me tell you, he kicks a moving ball a thousand times a day and doesn't miss it once. If he wanted to connect with a standing leg then he wouldn't of missed.
"He pulls out at the last minute and doesn't touch him. Not having that's a red at all."
The result leaves Newcastle 10th in the Premier League, while Liverpool sit 12th.