Carragher believes that Owen will continue to play an instrumental part in the Reds attempts to relaunch a season that had looked in serious danger of fading.
Carragher said: "Michael has had to put up with a lot over the years. He has taken a lot of stick but he always responds with goals. He just goes out and scores, and that sums him up.
"He is so strong mentally. He doesn't let anything affect him when he gets onto the pitch. He blocks it out and it is that single-mindedness which is the sign of a great player.
"Being at Liverpool means you are always up there to be shot at. Nobody likes getting stick, it is not nice, but you have just got to try and overcome it."
He added: "We created a lot of chances the other night, and Sheffield United are going a lot better than Crystal Palace in the first division.
"With no disrespect to Crystal Palace, if it comes down to a football game we should expect to win it, especially with the strikers we have got.
"Michael always plays well in the big games and he showed on Tuesday he is a class act.
"They will know that their best chance will be to put themselves about and get into us, just like Sheffield did.
"That is what we are expecting from the first whistle and we know we will have to be strong. We lost down there 2-1 in the first leg of the Worthington Cup semi-final a couple of years ago and a repeat result on Sunday will put us out. We know we have to be careful and at our best."