It is another symbol for the unconscious. It usually represents wisdom and virtue, and your unconscious may be giving you important massages, so pay attention to the details in the dream. In the American Indian tradition, the owl is considered to be the eagle of the night. Dreaming about owls is a powerful dream, which may indicate that changes are on the way. Superstition based dream interpretations suggest that dreaming about an owl is a negative omen, which indicates a reversal in good fortune. An owl in the house predicts family arguments and chasing it away might cause things to work out for the best.