'It'll be interesting to see where I fit in,' Watson, recuperating from a hamstring train and a calf injury, was quoted as saying by 'The Australian Associated Press'.
Watson, a converted opener, is quite valuable as a bowler too, lending balance to a side which is still in transition after retirements by greats such as Glenn McGrath and Shane Warne.
Cowan has grabbed his chance pretty well, making 68 in the first innings of the ongoing first Test against India.
Watson, who has stated in the past that he would prefer to have his role clearly defined, said being an all-rounder has worked well for his career.
'I couldn't see myself being anything other than an all-rounder,' Watson said. Watson praised Cowan for being a picture of composure on debut.
'Temperament is important. Ed was as in control of his temperament as he was in control of his game,' Watson said.
The imposing cricketer, however, conceded that he felt hurt sitting on the sidelines. 'I've played in Boxing Day Tests and it hurts not playing here,' he said.