I suspect if I had to remove the awning fabric, I'd just go ahead and replace it.
You can coat the upper surface of the awning fabric, where it is exposed to the sun and other elements when it is rolled up, with white elastomeric paint. That will protect it from deterioration and will not interfere with the way it works. I've done that on mine, and also used the elastomeric paint on a fabric cover that is over an awning on my house when it is rolled up.
- Jack