I searched the ethminer code for the string "Mining on PoWhash" and found it in libethereum/ethminer/MinerAux.h. Looking there I see this line:
minelog << "Mining on PoWhash" << current.headerHash << ": " << mp;
And a few lines above it:
EthashProofOfWork::WorkPackage current;
Based on those lines (and the way current is treated elsewhere in the code) I'd say that PoWhash is the hash of the header of the "work package" (or new block) ethminer is currently trying to mine. Not sure how it's being formatted there, though. Looks like it's being partially encoded as UTF-8 or ASCII or something along those lines.