Semantic web is to extend the current human readable web to encoding some of the semantic of resources in a machine processing form. As a Semantic web component, Semantic Web Services (SWS) uses a mark-up that makes the data into detailed and sophi sticated machine readable way. One such language is Ontology Web Language (OWL). Existing conventional web service annotation can be changed to semantic web service by mapping Web Service Description Language (WSDL) with the semantic annotation of OWL-S. In this conversion of WSDL to OWL process, the ontology plays a vital role. Ontology can be stored and retrieved from local rep ository and selecting the appropriate ontology is a complicated process and this can be achieved by Ont ology Searching and Property Matching (OSPM) engine. Ontology is stored in the local repository as ontology document and exact matching of ontology for the requested query can be searched using seman tic similarity ranking method. High ranked classes of ontology will undergo property matching; here reque sted concept will be matched with the resulting property. OSPM engine act as the backbone for selec ting an exact ontology and reduce the conflict that occurs while selecting the ontology for annotation purpose.