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}
