My question is about functionals on $W_{1,p}(\Omega)$ spaces, $\Omega$ is contained in $\mathbb R^n$
I am trying to figure out if there is a way to characterize all linear functionals on the above space.
Is there any version of Riesz representation theorem in general Banach space?
There is no Riesz representation theorem that would say something about a general Banach space $X$. For such a space, it is customary to denote the space of all continuous linear functionals as $X^*$, which is called the dual space of $X$. One can try to give a concrete description of the elements of $X^*$, but the success depends on what $X$ is. For many function spaces the structure of the dual is already known, as searching for "dual of ... space" will show you.
Specifically, the dual space of the Sobolev space $W^{1,p}$ is described by Theorem 3.9 of the book Sobolev spaces by Adams.
The structure of the dual is nicer if one restricts the attention to $W_0^{1,p}(\Omega)$, because integration by parts does not produce boundary terms then. The dual of $W_0^{1,p}(\Omega)$ is naturally identified with $W^{-1,p'}(\Omega)$, a Sobolev space of negative order of smoothness.
See also: Dual space of the sobolev spaces.