A synthetic answer
- UML is a (graphical) language for modeling
- OWL is a language used for knowledge representation (KR) in a semantic perspective
In the first place, OWL purpose is not modeling. Using a KR technique is an option in the field of software engineering. It should be distinct from any software engineering process. Both languages have different purposes.
Of course, you could [use] OWL in order to describe the construction of [a software system]. But the interest of such a move would mainly be in automated reasoning about your software construction process and would not be very helpful in the context of a single project. This would only be effective if done for all your projects in order to have a consequent knowledge base (KB).
A detailed explanation
According to the W3C wiki section about OWL:
The W3C Web Ontology Language (OWL) is a Semantic Web language designed to represent rich and complex knowledge about things, groups of things, and relations between things. OWL is a computational logic-based language such that knowledge expressed in OWL can be exploited by computer programs, e.g., to verify the consistency of that knowledge or to make implicit knowledge explicit
There should be some debate about what is a modeling language. For example, the Wikipedia article on the topic considers a broad sense which could also cover OWL. I consider here with the modeling term only the software engineering activity (which is the one you focus on in your question).
You might need modeling in order to define ontologies, just like you would need for the development of a software project. But this OWL modeling would not consider the software engineering elements but rather the domain data of your project. In other words, using UML in a software construction process aims to setup software elements. With OWL, you would not focus on these elements, unless you are trying automated reasoning about software construction.
Beside this, a relationship exists between UML and OWL. A note by Walter W. Change in the frame of the W3C discusses the question. I would summarize the question considering two distinct relations.
Using UML to represent OWL knowledge
An OMG specification called ODM (for Ontology Definition Metamodel) provides a metamodel for defining ontologies. In the frame of this specification, the use of an UML profile is introduced as a way to bridge a gap between both languages. In the ODM 1.1 specification, section 8.4.2:
The goal of a UML profile from the ODM perspective is to provide a bridge between the UML and knowledge representation communities on a well-grounded, semantic basis, with a broader goal of relating software and logical
approaches to representing information.
The UML profile use is introduced in an article. You might find such a profile in the ODM 1.0 specification resources, as a non-normative document. According to what is here considered, this UML profile might be a tool for modeling ontologies.
Using OWL/Semantic Web technologies to represent UML
RDF is the basis format used to write OWL ontologies.
An early (2000) academic work provides a semantic RDF document modeling the UML elements (based on the OMG specification). This work preceded the draft works on the OWL W3C recommendation (2002).