Irishman Clancy will take charge of the first semi-final between the Ospreys and Glasgow Warriors at the Liberty Stadium, Swansea, on Friday night (K-O 7.05pm), while Welshman Owens will officiate in the game at the RDS between Leinster and Munster on Saturday (K-O 8.00pm).
Clancy made his Magners League debut in 2004, when he controlled the game between Borders and Newport Gwent Dragons. He has since gone on to referee in 35 Magners League matches.
One of the world's top 19 Test officials, Clancy made his representative debut in June 2008 taking charge of South Africa v Italy.
Owens, who earlier this week was appointed to the new position of National Academy Referee Coach by the Welsh Rugby Union, refereed his first international game in Osaka in 2005 when Japan hosted Ireland. The Borders also featured in Owens's first Magners League game - when they played Connacht in August, 2002.
The referee for the last two Heineken Cup finals, which were won by Leinster in 2009 and Munster in 2008, he was also in charge of Leinster's recent Heineken Cup semi-final defeat in Toulouse and Munster's quarter-final triumph at home over Northampton Saints.
MATCH OFFICIALS APPOINTMENTS
Friday 14 May
OSPREYS v GLASGOW WARRIORS
At Liberty Stadium. 7.05pm, Live on BBCWales and Setanta
Referee: George Clancy (Ireland - 36th Magners League game)
Assistant Referees: Dudley Phillips (Ireland), Leo Colgan (Ireland)
TMO: Bertie Smith (Ireland)
Saturday 16 May
LEINSTER v MUNSTER
At RDS Dublin, 8pm. Live on Setanta Sports and S4C
Referee: Nigel Owens (Wales - 64th Magners League game)
Assistant Referees: James Jones (Wales), Nigel Whitehouse (Wales)
TMO: Hugh Watkins (Wales)
Guinness PRO12
Suite 208, Alexandra House,
The Sweepstakes
Ballsbridge, Dublin 4, Ireland