You can just use \hspace inside of \uwave with the length that you want.
\documentclass{article}
\usepackage[normalem]{ulem}
\begin{document}
\uwave{\hspace{1cm}}
\end{document}

(Note that normalem retains the normal treatment of \emphasized text. See p. 1 of the ulem documentation.)
Edit
If you want the wavy line in the middle of the text, you can do:
A\raisebox{0.5em}{\uwave{\hspace{1cm}}}B
Which produces:

You could wrap it in a macro:
\newcommand{\middlewave}[1]{\raisebox{0.5em}{\uwave{\hspace{#1}}}}
And then you can do:
\middlewave{1cm}
Edit 2
If you want to use this inside of \caption, you will need to \protect it. (See What is the difference between Fragile and Robust commands?) Here's a complete MWE:
\documentclass{article}
\usepackage[normalem]{ulem}
\usepackage{mwe} % for a complete Minimal Working Example
\newcommand{\middlewave}[1]{\raisebox{0.5em}{\uwave{\hspace{#1}}}}
\begin{document}
\begin{figure}
\centering
\includegraphics[width=.48\textwidth]{example-image-a}
\caption{A\protect\middlewave{1cm}B}
\end{figure}
\end{document}
