The in-form Owen (36 from 15) got the Hurricanes off to a flyer at a sold-out Ninja Stadium on Tuesday night before David (25 from 10) came to the party late.
The Hurricanes threatened to post a mammoth total after a 0-43 start after three overs, but found the going tough through the middle.
The winner will host the final on Monday, while the loser plays the winner of the Sydney Thunder and Melbourne Stars elimination game for the other spot in the decider.
Sydney allrounder Jack Edwards added his name to the highlight reel with a stunning diving catch at point to get rid of Matthew Wade off the bowling of Mitchell Perry.
JACK EDWARDS!— KFC Big Bash League (@BBL) January 21, 2025That is an INSANE catch. #BBL14 pic.twitter.com/PGSqV1B3z9
Owen, who has relished a move to the top of the order this season, came out swinging with four boundaries off his first eight balls after Hobart lost the toss.
But when he holed out to English wrist spinner Jafer Chohan (2-28) in the fifth over, Hobart stalled.
Caleb Jewell (40 from 41) and Ben McDermott (42 from 31) struggled to get moving before the latter came to life in the power surge.
David hit two sixes and two fours but was caught at deep mid-wicket off the bowling of Ben Dwarshuis in the second-last over.
The Hurricanes, who finished top of the table, have recalled rested quick Riley Meredith.
Sydney are without regulars Steve Smith, Todd Murphy and Sean Abbott who have left Australia ahead of the two-Test tour of Sri Lanka.
Hobart have never won a title but have made the final twice, in 2013/14 and 2017/18, while the Sixers have lifted the silverware on three occasions.
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