Bowen, 26, acquired June 20 from San Diego for Michael Barrett and Minor League outfielder Kyler Burke, was batting .065 with two RBIs in 10 games for the Cubs. He was hitting .212 in 40 games for the Padres and Cubs.
The move leaves the Cubs with catchers Koyie Hill and rookie Geovany Soto on the roster.
Petrick will begin his third stint with the Cubs. He has made four relief appearances and given up two earned runs over 5 2/3 innings.
This season, he was a combined 2-2 with a 2.23 ERA for Class A Daytona, Double-A Tennessee and Iowa. Before this latest promotion, Petrick had made four scoreless relief appearances for Iowa from July 6-14.
Carrie Muskat is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.