I am modelling university data using an OWL ontology with relevant classes, object properties, etc. I have the university data lying in a simple text file (say CSV). I want
If I understood your question, you have an ontology that represents a university model and you want to create owl instances using the data set which is in the form of CSV. Please correct me if you need something else.
The answer to your first question is Yes.
There are multiple ways to solve this problem.
CSV data can be converted to RDF using available libraries with the help of Jena. here is the link link ; And here is the more detailed answer : link
This can also be done using XSLT, write an xsl to convert the data from csv to owl individuals. And append those owl individuals to ontology using OWL API.
If you are using Protege to build the ontologies, Protege provides a plugin to import CSV data. Link
There are few other ways also.
All the above 3 approaches are used by many people and there is no one particular standard for solving this problem. You can choose an approach as per your requirement.