This paper is an exploratory response to recent claims that there is no concept of the covenant of grace (as understood in Reformed covenant theology) within the New Testament. These claims demonstrate well the difficulty that can be felt by many in seeking to move from the text of Scripture to systematic and theological formations. Leaning on the work of David Yeago, Daniel Trier, and Kevin Vanhoozer, this paper develops a threefold criterion for testing the “exegetical responsibility” of an author as they use the biblical text to formulate theological frameworks. After laying out this criterion, this paper analyzes John Owen’s formulation of the covenant of grace in his commentary on Hebrews. Overall, I argue that Owen’s extended and careful interaction with the text of Hebrews shapes his broader theological arguments with respect to the covenant of grace and leads to his somewhat unique explication of it at points. By extension, this paper argues for the broader use of this criterion as a way to dialog over various exegetical and theological debates.