One of the most sought after answers I've seen from both the second world and our current one is "HAO 2 TAIM?!@#$" I wanted to contribute by listing in as much detail as I can the methods that have worked for me, the stats, skills and maneuvers involved to prevent any misconception because it can be confusing.
These are not definitive, I'm pretty damn sure you can do these with lower stats and less skills since my method might be considered overkill, but I'm just listing what works with certainty from practice.
Preparation:
Before you can tame cows and sheep you'll want to have a pen (fenced area) to collect your tamed animals in. A round pole fence will do fine, some people go as far as making pens out of building posts which is a good idea, no decay.

In this case I'm in the middle of taming a cow, there's no telling what gender any animal you're taming is going to be until you have actually tamed it.
Now the skills you will need before attempting to tame any given animal, now I'm going to repeat just in case some asshole wants to tell me my method is flawed, THIS IS PROBABLY OVERKILL BUT I DON'T CARE SINCE IT WORKS.
Animal Husbandry + Unarmed Combat -> Brawling + Militia Training -> Soldier Training -> Leadership
Done, as far as I'm concerned if you have those skills you're a taming machine. As far as stats you may want to wait until you have minimum 20 STR, AGI, CON and DEX. Some people may do it with less, I'm just letting you know what's less likely to have you killed in the process.
Equipment and items required will be a bare minimum of leather armor, you NEED armor especially if your stats are at a minimum. If you're confident doing it without, good luck, better safe than sorry I say in either case.
Rope is a necessity, don't forget to equip your rope... DON'T FORGET TO EQUIP YOUR ROPE.
Starting the process:
Few things to remember, you cannot fast travel with tamed animals, you cannot carry them on boats, not even lift them, drop any preconceived notions of not having to walk the animals back because you will.
To start for the sake of your own health, fence in all the cattle (or herd) inside building posts as you would hunting anything. Separate a few by fencing them in by themselves, these will be the animals you attempt to tame, the rest is meat if you can be bothered.
Once you're 100% sure they cannot get out start using "Call the Thunder Storm" on the animal you wish to tame like so:

This move is for the purpose of gaining initiative points, yes, you need a minimum of 2 in order to use "Quell the Beast" however that's not what our main concern is.

Gather 32 IP (just do it), once you have 32 IP you're golden and can now get in the fenced area with the animal to start taming.
Your next maneuver is to use "Sidestep" until your combat advantage (the scales on the top of your screen) are tilted all the way left:

See how the scales are on the left? This means your combat advantage is good to go.
Your next problem is that number in the middle (9 in this case), it can never be above 0 if you want to use "Quell the Beast". So use "Consume the Flames" every time you notice the number go above 0, and then switch over to "Quell the Beast" before the number increases again.
Repeat "Consume the flames" -> "Quell the Beast" until you manage to actually hit it with a Quell.
The yellow numbers you get after a successful Quell (usually a 20 on the first one) will accumulate, because it takes a certain amount of time for the animal to aggro. Then you'll need to tame it again, you could have to repeat this whole process about 5 times (20 tame points * 5 attempts = 100 tame points), which is an investment of about an hour or a little more in most cases.
Waiting:
There are a few rules to keep in mind when you're waiting for your next attempt at taming the animal.
- You can walk as far as you like, so long as you're back in time to tame the angry animal once more.
- Do not walk in to houses, this will disengage the animal and you will have to start again.
- Do not attempt to tame another animal or engage another animal, from what I've seen (someone can correct me here) it will also disengage the animal.
Success:
Once you have reached 100 tame points after repeating this process a whole lot, you'll notice a puff of purple smoke and the wild animal will now appear in its tamed form. Those yaks turn into cows, those rams turn into sheep, ideally what you want to do is have one male and one female of each of these animals (just like Noah).

This is the info screen listing the animal's stats, gender, name, horoscope, likes, dislikes, life ambitions and CV.
Please don't ask me about increasing livestocks QL, I don't know, I will care eventually, but so far I'm just grateful I have milk and wool coming in.
I hope this helps you get your own too, cheers.